2nd Appraisal Request

[Lesley J.]

I'm in the process of refinancing a hard money loan. I bought a nice property, fixed it up and it is now rented on a 12 month lease. So far so good.

the original appraisal was for 90K, and I borrowed 50K. The lender of course wanted another appraisal and this one came out at 102K. Smiles all around :D....

I am only requesting a loan to pay off the HM loan, no cash out. I am well within the LTV. I have good credit in the 700's and I intend to hold the property so no flipping going on ........

Today the lender informed me that a stop was placed on my loan because it was a flip. He contested that by requesting an exception. This was given and the loan can now proceed but the lender requires yet another appraisal, that I have to pay for.

I have practically had to give over the birth cert for my firstborn child, and have waited a full 60 days to get this far when originally promised a closing by the end of July. I am constantly asked the same question over, ie: to prove that there is no loan on another property I own in Florida.. on which there hase NEVER been a loan, but how do you prove a non existance, its easier to prove something exists.

At the point where I was asked to pay for yet another appraisal I have dug my heels in...... the two appraisals i already have are reasonably close, and i have been given no reason that the appraiser had anything out of line in either appraisal...

i'm considering going to another lender, but since this one has cost me 60 days time loss at the HM loan interest rate and the cost of the appraisal it's hard to start over again...

any thoughts or advice would be helpful.. I repeat I have GOOD credit and have never been turned down for a home loan before ever!!

Lesley