Cash-out refi strategy? (1st bank denied me).

[Brandon Schlichter]

I currently hold two rental properties. One is in the final stages of being rehabbed and the other is done, waiting to be filled by a tenant.

I just applied for a refinance mortgage for the two properties and was denied due to having insufficient income to support the loan.

Personal income is ~$40k/yr
Rental income on these two will be $1675/mo
A good deal of cash reserves

FICO ~640

ARV of both properties is ~$160k , looking for $100k in refinance (62.5% LTV).

I'm waiting on the 'official' denial letter but did get a call from the branch manager stating that I was denied. I'll be looking at what all is on my credit report and if there's some loan/property in my name I'm not aware about, as I should have very, very little tied to my name in terms of monthly expenses/loans.