Refinance in Baltimore

[Lamont Marable]

So my project is very near completion and I'm looking to get out of this Hard Money Loan.  Financed it with Lima One Captial - NO problem, Rehab work - NO problem, Refinance - PROBLEM.  Tried Caiber...No reply and it's been 10 days since I applied, tried NFCU...waiting on a callback, Tried Quicken Loans and here is what they said:

"There are two guidelines we have to adhere to on conventional loans... they are called Safe Harbor and High cost. We are not able to adhere to either of these guidelines with this loan for a few reasons - the fact that this is an investment property, the fact that we are over 70% loan-to-value, and the fact that the credit score reporting is 6 digits under 700.  These things combined make the loan too expensive to legally refinance. The other thing we run into is with the debt ratio - the amount of income vs. the debts including the mortgages is too high at the moment."

The LTV is actually below 70% as I didn't use all of the rehab funds.

Does anyone know of a loan program that would fit my needs?

[Ryan O'Mara]

@Lamont Marable - Did you ask Lima One if they will do the take out loan?  If they said NO, then what were their reasons?