BRRRR - Stuck on financing step!!

[Ivan Cole]

My wife and I used cash to buy our first property. We have completed the rehab and have the property leased for 3 years at 1,100/month. House is worth $100,000 and we have $49,000 invested.

I have called 7 to 8 banks to discuss refinancing and pulling our capital out but no one will work with us inside the seasoning period of 6 months. However, we could go with a commercial loan program but the terms are not great. 70% LTV with 5/1 Arm @ 5.5% amortized over 20 years with an early payment penalty and ballon payment at 5 years. We could still cash flow with this deal but I just hate to go forward and shrink our cash flow with the possibility of a ballon payment after the 5 years. Is this common or is there another route to take with financing!? If we could get this refinanced we would already be onto the next property! Am I being too picky or should we go with it? Any advice would be greatly appreciated! Thanks