Looking for a Refi of a Bad Loan Product for a Medium Term Rental

[Brad Gibson]

I'm looking for a refi of a loan that isn't ideal for a medium term rental property that I have under contract.  Here's the information:

Price of Unit: $120,000

Working with a lender who has given the following terms: 25% down; 9.99% interest rate; No PPP; 30 year amortization, but a balloon payment of entire balance due at 5 year mark.  Pretty steep origination fees.  We are supposed to close later this week, but I'm skeptical since they haven't sent anything to title or gotten the file started.

Contract says we need to close by 02.28.2023.  I don't want to blow the deal up.  It'll cash flow as a medium term rental that is furnished.

Any ideas on who I might reach out to in order to either refinance after we get this one closed, or this could turn into a save situation where we need someone to get us across the finish line.

Additional facts:

This will be our 24th or 25th property with a mortgage. Experienced operator of rentals, fix & flips, & construction of SFRs. 840 credit last I checked. We can do a DSCR or something different if it gets a better rate & terms.

Thanks for any ideas in advance.