Having Trouble Getting More Financing

[Derek Persuit]

Hey everyone!

I am currently in the "Refinance" phase of a BRRRR. This is my first one and Im really just feeling out how everything goes. I currently have 3 rental Properties. 2 are leveraged with mortgages and the one that I am refinancing, I own free and clear. The property isnt much. It appraised at $67,000. I have cash funds that will cover the entire 75% LTV cash out. Im also locking down another duplex that I will do another BRRRR on. This is the "Repeat" phase. The bank is telling me that because of this, it will add more layers to whether I will be approved or not.

Here is my current situation:

No housing costs

3 positive cashflowing assets

Current income is roughly 7800/mo.

Family monthly expenses <1000

I have spent cash flow from these assets on improvements and continuing my business of real estate. This is reflected on my tax returns as taking small losses and write-offs from my properties. The bank says this is what they're going by and that I may not get approved. I am having trouble comprehending this. My expenses are low. Work income is decent. All properties are long-term leased. It would be only my third mortgage. Surely someone has come across gaining a third mortgage in their journey and this wasnt the case. Can anyone tell me a similar scenario and how you handled it? Does this sound accurate to anyone? I have been trying to secure this loan for maybe 5 months. I have good credit. I have cash reserves. Im just at a loss for why im seen as such a liability for them at this level of cashout.

Thanks in advance for your help everyone!