Refinancing non-warrantable condo

[Cyrus Lendvay]

A good friend of mine is trying to refinance a non-warrantable condo he owns in Davis, CA. Of course, it's an investment so he doesn't live in it. His loan broker is having trouble finding anyone willing to refinance it even though all he needs is about $100k (the condo is worth $175k. Does anybody know what the current options are in a situation like this? How much higher a rate is he going to pay?

I did some searching and didn't see all that much.

Thanks
Cyrus