Refinancing or Cashing out of Hard Money Loans?

[Account Closed]

I need some advice on a current investment and how to get out of this financing situation were in. 

We purchased a flip/fix using 2 hard money loans (one for the initial purchase, one for the rehab costs). The 2nd loan has a huge exit fee and steep penalties for going beyond the 6 month note limit.  We didn't have the credit scores to obtain conventional investment financing nor the 20% down required so this is why we chose hard money. 

The project went great, and when we were at the 6 month note maturity mark, we got an offer and went under contract to sell it. Unfortunately the new buyer's closing date got extended and the property was off the market for 2 months under contract until the day of closing when the buyer backed out of our contract because they couldn't get financing.  

We had to put the property back on the market, and now it's almost a year since we bought it. The market has slowed way down and we've dropped the price to below the appraised value and still no movement on it.  It's a great rental property since it's near the military base but there are not many people out buying in the price range of the home ($350K) for owner occupied.  

The holding costs over the past year and penalties on these loans have financially killed us and taken all of the profit out of this project for us personally. We are upside down on it right now with the cash that we invested in it and we have to get out of the current situation asap.  

The current loan payoffs are about 90% of value.  Short of selling it (which is obviously our preferred choice)  are there any other financing options I'm missing?   

We would be happy to hold it and turn it into a rental but from what I'm aware of we can't quality with our credits scores for a conventional non-owner occupied loan and most will only do 80% LTV.

Any help is greatly appreciated.