Refinancing or debt consolidation question

[Bryan Wilson]

Hello, 

I have a coworker at work who is in a bit of a pickle and I was wondering what the forums might suggest he do.  

He recently purchased a house and was supposed to be able to do a cash out refinance once he completed his updates he did.  Yes I know he should have probably financed everything in a construction loan and done a better job of getting appropriate financing up front.  

His problem now is that he has run out of money to fix his house up completely and the bank will not allow him to do a refinance because his debt to equity ratio is too high from having put everything on credit cards and personal lines of credit.  

Any suggestions for him to be able to consolidate or fix this mess?  

I've mentioned he should go from bank to bank and keep looking for someone that can help him out, but he's 3 months into owning this home it will be his primary residence for the foreseeable future.  Should he look to go Hard Money Loan to complete the project and pay off his other debts then refinance?  I'm not experienced enough to help him, but I figured I can type up a message in the forums and put it to the group.  

Thanks.