Wouldn't hurt to look in to both to give yourself the best chance at finding the best loan product. 

If you aren't going to be living in CR full time as you try to execute the deal I do not think it is physically possible for you to obtain a loan from Scotia Bank and not worth your time to try because the rates are so high. 

Sounds like you are getting hit with a lender who has overlays and possibly miscommunication between the loan officer/processor to the underwriter.

I have a bank locally that will use DOT as collateral for loans.

@Roman StefaniwWhen retirement accounts in the US get financing, the loans are called "non-recourse."

But as for the seller finance, would the loan to the seller be the difference between 450k and the refinance number of 220k?

Having the seller carry a second is not a problem for the first, as long as their business with you is finished and the loan has closed.

My electrician said that it just needed new breakers The property is liveable and rennovated apart from this.What is the cheapest % interest dscr/hardmoney/rennovation loan I could get?

Acquiring in cash or with a fix and flip loan.

Could have held until this winter and gotten his occupancy up to around 80% and would have added another $500k to the value.Downpayment $310kAll in cost plus loan: $1.3mmSold for $2.4mm; with 250k seller financing for 5 years.