BRRRR Refinance Having trouble

[Terry Matthews]

Just finished second investment property residential single family. The bank now is wanting the figures that I paid for the house and how much money I have invested in the house. They are wanting to loan 85% of what I have invested. And just do a drive-by appraisal. I don’t understand how we couldn’t get a full appraisal and do 80% of the appraisal. By doing it the way the bank is wanting to proceed with the loan It is just 65% of the house appraised value. Now looking at other banks. Any help would be appreciated thank you! 

[Kenneth Garrett]

@Terry Matthews

Things are complicated at the banks.  Have you not completed the seasoning requirement?  I would try another bank.  I’ve had this happen when the refinance happened in a short time from the purchase.