Difficult financing situation in Boston

[Brien Tal-Baker]

I'm in the final weeks of construction on a 3-family in Roxbury, MA. The property is held under an S Corp, and I'd like to keep it as a rental rather than selling it. I have a ~$650,000 hard money loan on the project, and the appraised value of the completed project will likely be about twice that.

I'm attempting to refinance into a conventional loan, but am finding it very difficult. I am self-employed and moved 2 years ago, and had to build my other business up again in my new area, so my income over the last couple of years has been very low. The S Corp that I started to hold the 3-family is less than a year old. I have some significant debt, and I've put some of the project expenses on 0% APR credit cards to bring it to completion, lowering my credit rating. I'm confident that the rents on the units can easily cover the mortgage, taxes and insurance, but am unable to find anyone willing to lend to someone with my situation. Anyone know of lenders able/willing to finance this? Thanks in advance for any advice.