This is not a cash-flow play; the money is in a flip to a builder.

I'm here in the Bay Area, I'm sure there's an independent mortgage broker in your area that you can find.Here's what a vanilla refinance can look like when the power is with the loan originator, not the underwriter:Here's what an investment purchase for an investor who ignored basically all of my advice (ever play the "hey where did this $10k cash deposit come from?"

You can sometimes get them to play the bank and I've seen some investors get lucky and pay 0% down with very good rates!

Keep sending the pay or quit notices, and play the long game.

Do you ask them to play the long game with you and wait 15 years before the cash starts flowing?

"Non-recourse" large loans are typically backed by the Fannie/Freddie so, they play the guarantor and thus you don't necessarily need to.

If I am not mistaken the only legal fees you can charge are for ejectment costs so you definitely don't want to play the redemption revocation petition game, those legal fees (Think $500 an hour in Attorney fees alone) could easily kill any profit you did have and if you lose you could end up losing your entire investment and then some. 

If you play the short game. 

I play the CC rewards game a lot, and as we know, if you can't pay off the balance in full every month, the interest will typically outweigh the benefits.You also have other challenges: how to get the cash off the card (most cards allow cash advance but only for a fraction of the CC line). 

This particular contractor sounds like the kind of guy that likes to be the general and guide the process, rather than play the part of a sub, functioning at the beck and call of the GC.