Need Cash-out refi's on Central Florida Investment Houses

[Cheyenne Davis]

I've read through lots of posts here, and haven't seen exactly what we need, so figured I'd try a new thread.

Here's the situation:

I have a partner who owns several small rental houses in Central Florida. Ideally, they're just looking to cash out-refi on one right now, and several more in the near future. All are owned outright. Most are worth around 100k each, give or take a few bucks. 

They were approved on a 30 yr fixed cash out refi with New Silver (80% of appraised value) and the house they wanted to refi only appraised at 80k, and the minimum appraised amount allowed with New Silver is 100k. 

They're looking for a lender who will do a 30 yr fixed (preferably, but would consider other options as last resorts) on a house that's valued at around 80k.

There's a couple stips to get past...

1. They had a bk with foreclosure 8 or 9 years ago, BUT the bank didn't complete the foreclosure (with deed going back to them) until around a year and a half ago.

2. They need an asset-based lender. Fannie won't work because, even though they own several houses in their business name, they don't own their primary. DTI is an issue, also.

Small local banks don't seem to be a good fit for these guys, unfortunately. Pretty sure it's the DTI issue, plus previous foreclosure.

Can anyone recommend options?

Cash out refi (30 yr fixed) is definitely their preferred choice, but if that's not possible, they would consider bridge loans or equity lines, etc.

Anyone in the lending business who may be able to help, please reach out to me :)