I have a newbie question regarding BRRRR !!!

[Jofre Olivero]

Hello dear investors, 
I have a questions regarding "Refinance" of the process BRRRR.

I assume this part of the process is done with a financial institution and that there are credit metrics to meet to get this REFI done. Lets say the investor didn't use credit or anything related to credit metrics to buy the property (maybe own cash, OPM or HL, by the time the "refinance" part kicks is, what happens if the owner has credit issues and the financial institution won't proceed? you get stuck in the middle of the strategy? 

I appreciate your inputs. Thanks!