Looking for cash out refinancing - 50%+ equity after loan.

[Dirk Richmond]

I'm trying to borrow 75K on property worth 150 - 170K but things have apparently gotten so tough I'm having trouble getting approval. Property is on Gold Coast of Chicago, rented below market and still cash flowing a couple hundred a month.

The plan for the money is to refresh the Condo and raise the rent (still below or on low end of market) to more than cover the additional amount of the payment.

Balance of the cash is going to be used to buy & renovate another property which will net $400/month cash/month after renovation.

Credit scores are over 700, only debt is home mortgage. The problem seems to be debt/income because principals are retired.

This sounds like a good loan to me - can someone tell me what I'm missing?