property purchase possible default!? help!

[Darren Paul]

Hi, Looking for some assistance. My wife (US citizen) and I (UK citizen) reside in Qatar (middle east).  We started the building process for a new home in tampa, fl. We were granted a mortgage by our lender on three separate occasions throughout the process (we had to keep renewing since the builder took 6 months longer than expected to build the house).

Because of Covid my salary decreased  and my short term vacation rentals took a hit and therefore our debt to income ratio spiked and thus, on the 4th and final application our mortgage was declined. It has left us in a predicament, builder threatening that we default. Because we are away it is essentially a foreign/second home investment and lenders are reluctant. We have reached out to family but that has not materialized.  We are looking at hard money loans but was wondering if anyone has any suggestions on this or alternative options.

thanks in advance