Need Active Lender for Cash Out Refinance or HELOC on STR Rental Property

[Gabriel Graumann]

Quick summary: I purchased, improved and furnished a single-family home in Mesa, AZ in July 2022 for use as a STR. It came to market in November 2022 and has been leased consistently since then. We now want to pull some of the equity out to have capital in reserves and/or available for future deals. Open to cash-out refinance or HELOC. I've tried several past lenders and I'm running into lending issues due to 2022 total income (personal and business) being dramatically lower than 2021 due to a variety of tax maneuvering we did (accelerated depreciation, rental only drawing income for 2 months of the year, having a huge 6 figure 2021 followed by a "normal" 6 figure year in 2022, etc.). Market value is $550K, bank appraised value is $490-500K. We are open to pulling anywhere from $200-350K depending on loan type and terms. Current credit right at the 700-740 range depending on agency.

If anyone has had RECENT success with a lender for the above type property in AZ, please PM me and/or reply with the lenders contact info. Thanks in advance.