New Construction Townhouse Under Contract Closing in June

[Daniel Goldfinger]

Hi All, I have a question about a townhouse I have under contract in Lehi, UT for $500,000.  It's part of a new development and construction will be completed in June 2022. I just finished closing on another property in Utah with an owner-occupied mortgage. 

I spoke to my lender and it might be difficult for me to qualify for another conventional for this other property because my DTI will be too high. I'm looking at alternatives such as getting a hard money loan and then doing a refi after it's renting.

Does anyone have any insight on using private lending to close on a new build and then refinancing?  Or is there an alternative option I'm not thinking about that could work? Open to any advice and suggestions. Thank you in advance!