Lenders Making You Juggle Torches on a Unicycle

Just attempted a cash out ReFi with InterFirst lending on one of our newly "seasoned"rentals (single family home in Fort Worth nothing sexy). After 16-20 hours and 86 documents converted into PDF's (not exaggerating just counted all the files) we were rejected due to our Debt to Income - ours 55% and InterFirst wants 45%. This was to be our 5th ReFi andyes after all the Podcasts and posts on the subject I fully understand this was bound to happen. But here is the concern and heads-up to future loan applicants. Though my sample group is not massive after 4 successful loans, I have been to a few of these rodeo's and have a good idea how much work is involved. I feel so much of my previous success with working with underwriters is directly connected to that amazing Podcast (#55) on this very subject with Jimmy Moncrief. Furthermore I have modeled all my applications on his format. Unfortunately no luck with loan #5.

InterFirst started finding divorce settlements to woman I never knew existed. Vegas or no Vegas I never met a Peggy Lee. Such a great name I would have remembered marrying a Peggy Lee. They would ask for copies of rent checks as proof of tenant occupancy, then once provided they were not happy and would request additional proof and more and more and more. I can't prove it but it was like they were stalling for time and just throwing anything at me. Almost like pushing paper with no connection to the repercussions of lost movie nights with my girls, lost family dinners due to their burden they were shoveling at me. Almost like they lacked or perhaps lost the ability to differentiate finite timehumans are restricted to vs. a computers time being endless, and that the more paper they threw at me the better they were doing their jobs. Then one morning more requests for documents came in that were pretty much similar to docs requested a few weeks earlier and I realized they themselves have even lost track of what they asked for previously. As nicely as possible I expressed concern at the sheer volume of paper work, that this is not the norm and needed to know, prior to being sucked in deeper in the rabbit hole, if this was going to work or not. The rejection letter came within 3 hours after expressing concern and all contact evaporated. I think they were abducted by aliens or something. InterFirst really did have the best rates and I am sure the delay was due to them trying to make the thing work, but damn they need to do the Abducted By Aliens Shuffle much earlier in the game. So be warned if you have a few rentals and they are all new I would stick to someone smaller. I would have gone through my normal lenders but they don't work in Texas. I think I will now look into the Asset Based Lenders. B2R maybe. Yes? No?