Bummed out about BRRRR in Baltimore, Maryland

[Michael Washington]

I just finished my first flip here in Baltimore and it was an AWESOME experience. I bought the property for $31k, put in $65 had the work done in two months and a tenant signed up before the job was complete. It was appraised for $140,000. I "thought" I would be able to do a cash-out refinance at 80% LTV based on a local bank who said that they could do this back in 2016.

Lo and behold the board changed their tune and now I can only get 75% of PURCHASE AND CONSTRUCTION cost!!! Not LTV!!!! And they want $30k minimum in equity to boot if held for less than 2 years. This is the same story for multiple banks I have reached out to if the house is owned in an LLC, which is the case for me.

Needless to say, my first BRRRR endeavor is not going well.

To my BP community in Baltimore (or elsewhere), I have a few questions that would help me (and others):

1. What are your thoughts on changing the ownership from an LLC to my personal name to get the cash-out refinance? Any suggested strategies?

2. I am really looking for a financial partner (i.e. bank) who has NO problem doing a cash-out refinance at no lower than 75% LTV with a standard 30 year loan. Is there one you recommend?

3. Has anyone else experienced this? Is it due to a change in the market? How have you gotten around this to execute your BRRRR strategy?