How to refinance if unable to get conventional financing

[Sydney Tiffany]

How would someone who is unable to get conventional financing through a banking institute go about getting a project (BRRRR) refinanced? Am I seemingly out of luck? Is my only option to partner with someone who is able to qualify for the loan? Thanks in advance for any responce.

[Kevin Romines]

You would need to be more specific as to what is causing you not to get conventional financing? It may be that you can go with a bank statement type program? Is income, and time of receiving the income an issue? Or you could go with an investor cash flow type loan, where you don't put any income or employment on the application, and the property must rent for the same or more than the PITI payment? I wouldn't know what to recommend, without more details?

If you're having trouble getting the fix n flip financing, you would either go hard money or fix n flip. Both will cover most or all of the rehab with between 10-20% down payment.

If in the end, holding the property is still a challenge due to financing issues, then you can always just sell it? Maybe selling the 1st 1 or 2 will solve the income issues (if there is one) and then allow you to BRRR from there?

To pin down the best course of action going forward, we just need more details?

I hope this helps?