Riddle..I thought I knew what I was doing...

[Pete Schwan]

So...I recently bought a property planning on using the BRRRR strategy. I used a private lender because this property was a "3 Season" cottage on a lake and didn't have heat or insulation, and therefore wouldn't qualify for a conventional mortgage. The purchase price was $65K with a professional appraiser's ARV of $130K. I put 20% down and the private lender came in with 80% and added a $20K construction loan. I've completed renovations and am thinking I can do a cash-out refi, take out the private lender and access some equity for another investment. I put the property in an LLC, thinking this was the right thing to do.

So now I'm calling all the QuickenLoans and Loan Depot's of country and no one will touch it because: 

A) Its not my primary residence 

B) I haven't owned it for a year 

C) The private lender isn't reporting the monthly payments to a credit bureau so I don't have a verifiable proof of payment 

D) Been doing AirBnB, so no lease (if I wanted to get 2nd home or rental property financing)

Solutions I'm aware of: 

1) Most loan officers have suggested I call a local credit union, which I have done> The credit unions are concerned because it's not my primary and I don't have lease in place with proof of payments via bank statements. And also concerned about the property being owned in by LLC (I'm the sole member).

2) I could "make it my primary residence" temporarily but that would mean changing all my info to receive mail at this location. I live 4 hours away from the property and would need to have my property manager mail me my mail. 

3) Ask my private lender to refi the loan with him and give me a more favorable rate.

If anyone has been through this before please comment and offer some advice. I thought this would be straight forward but I guess I didn't do my homework.

Thank you BP community!