Having Issues With Refinance

[Logan Pourbaix]

Hey Bp, 

I've recently began making an effort to ramp up my rental portfolio. Ive been meeting with a local lender I've used on several past projects. The particular project I'm having issues with is a SGL family I purchased for $75k all cash. There's an estimated $30k in rehab which I am also funding out of pocket. I conservatively estimate the ARV at $150k. When I spoke with my lender about refinancing, he mentioned I could do a 30 yr fixed rate at 5.25% (investment or second home mortgage). However went I submitted necessary documentation he told me the income on my tax returns did not support a 30 yr fixed rate investment mortgage for refi. I don't want to pull additional cash out, I'd simply like to get back my initial capital. The rental would have to season for 6 months and show proof of income which I also don't have an issue with. Anyone ever ran into this issue and how did you address? Thanks