Refinancing away from local lender to long-term notes

[Pete M.]

Hi all,

I'm currently buying BRRRRable SFRs in Oklahoma City.  So far, initial buy + rehab has been done with cash, and then a local lender was giving me cash-out refis up to 100% of my all-in costs, even before the rehab work was done.  These are portfolio loans, prime +1% rate ARM, 15yr amortization w/ balloon after 5.  I say was because they've changed their stance and want me to leave some skin in each deal, beyond the created equity (based on their own appraisal).  I have very aggressive goals, and this is putting me in a tough spot, but I'm working on that and have options.  The next step is going to be to get these loans onto longer-term debt (30 yr amortized notes); said local lender works with Verus and Deephaven, but I'm wondering what other options might be out there, especially if they can help me recapture some of my equity, and do it with no or very low seasoning periods.  I'm aware I'm asking a lot, but looking to see what's out there that may fit.

Any advice is appreciated.  Thanks.