Refinancing a rental property

[Johan Zafra]

Hello BP family, 

I am hoping to hear some suggestions or perhaps some experiences with this issue. 

House was purchased in December. Was supposed to be renovated already but there has been some issues that came up (AC unit needed to be replaced, door frame rotted...).  The house was purchased with private loans from family with the goal of refinancing to then pay back the lenders and keep our investment in.  

Unfortunately, the lender we were working with went through the process for refinancing (taking extremely long, may I add), and when the appraisal was actually done, COVID-19 hit and the lender decided to halt operations.  Appraisal was paid for as well but the lender does not seem to want to move forward.  

In any case, is the appraisal something we can use with another lender?  House has been rented since March without missed payments through the pandemic. 

Some details on the house for knowledge:

Loan: $80,000
Appraised value: $105,000
Location: Daytona Beach, FL

Any input will be greatly appreciated.