BRRR....How do I get the refi part? I have been turned down.

[Steven Vonklein]

BRRR....How do I get the refi part? I have been turned down. I NEED A cash out refi based on the value of the asset not my income. The homes are rented,.

[Randall Alan]

Lenders are very conservative… especially if they see you as being on shaky ground (financially).

Their first thought is always, “how are we going to get repaid?  Also, how stable are you financially?  They use a ton of ratios… your debt to income being a big one.  Not only before the loan, but what will it be after they loan you the money.  
If you pay every bill on time, but only have $500 left over at the end of the month, and one of your renters moved out and you had to cover the rental property mortgage without the income from that property, could you?    Trust me, they are looking at it that way.   They definitely look at your reserves.   
Your income is a key indicator of your ability to repay, especially when you are pulling out a significant amount of equity in the property.  
Most lenders are willing to talk to you about why you were turned down. By having that information you can know how to proceed and what you need to fix in order to get approved.  Every bank is different, however, and I tend to find I have better luck with the smaller banks. Bigger banks are frequently less flexible.
Every bank is different, however, and I tend to find I have better luck with the smaller banks. Bigger banks are frequently less flexible.

All the best!

Randy