Refinancing on a Certificate For Deed- Springfield, Illinois

[Kyle Fitzpatrick]

Hey Biggerpockets what is going on recently Purchased a house on certificate for deed with $300 principal only payments for 6 months and a balloon payment after that. I remodeled the home in 2 months and basically want to BRRRR out of it with a tenant lined up to rent it at 625 a month. I have around 30,000 in equity in the property and my bank is being difficult with the refinancing. They offered to finance me the purchase price of the property where I would have to put 20% down plus closing costs. Then they would do either a home equity loan of 80% value or do a FNMA Conventional Loan. If anyone knows any good bankers I would love to talk to them because my normally reputable bank seems to be like a deer in headlights here. I would prefer to just get the property appraised, take my 75-80% out and pay the CFD off all at the same time, but they are insistent on first financing what the initial purchase price is. I do believe I am correct in saying their method is not the most efficient way but I was respectful in talking to them and told them I would look for a second opinion as well. Any help is appreciated. I have $5,000 on a 0% intro APR credit card coming due soon and would love to get that paid. THANKS!!! STAY SAFE!