BRRRR loan-to-value dilemma

[Cassandra Krupicka]

Hello!

My husband and I bought a STR in Rochester, MN six months ago and did a bunch of rehab ourselves. It took longer than expected so we haven't capped on much Airbnb income. We also didn't get an egress installed in the basement bedroom because of structural restrictions that will cost $$

We are up and running at the Airbnb, but now owe our hard money loan is due (actually overdue) and we owe $1k+ for October. My husband is the only income and credit being used for these properties sine I am a newer licensed realtor and sah mom. We’ve tried to refi a few ways over the last 6 weeks but keep hitting bumps. 

The newest dilemma: The STR will appraise around $230k and we owe $205k. We have talked to a couple lenders and they are only doing 75% ltv for investments. We might appraise higher, but we can't rely on that. We were going to use equity in our primary home to pay any difference in ltv but we just appraised $20-30 under what I thought it should. The appraiser used two comps that were 3bd and we have a 4bd.

We now need to find a lender that will cash out refi on our STR at 85-90%. And soon! It could be a temporary solution as we're selling our primary in six months to move to Rochester and house hack another property.

Are there any lenders that will do 90% ltv?  Or is it a better idea to ask our hard money lender to extend our terms for six months? 

Any advice or help is super appreciated! Thanks.