Now, after doing this several times my success rate is around 1 out 5.   

Owner-occupied commercial properties generally get better interest rates and terms when compared to pure investment properties. 

I never was able to coordinate a consistent quarterly meeting for planning, I never knew who to contact because they have multiple levels of their workers and people were constantly moving in and out of the organization.  

The deal doesn't work as well with higher interest rates.

@Kiryl Ulanovich,You're on the right track:Get Pre-Approval from Hard Money Lender – Know your terms and limits upfront.Find a Deal Through a Wholesaler – Verify numbers and ensure it meets your criteria.Review the Assignment of Contract – Confirm terms, earnest money, and contingencies.Conduct Due Diligence – This includes an inspection (if allowed), verifying ARV, and rehab estimates.Submit to Hard Money Lender for Final Approval – Lender will review title, contract, and property condition.Title Search & Clear Any Issues – Ensure a clean title before closing.Close Through Title Company – Finalize funding and take ownership.Consider also lining up contractors early for a smooth transition into renovations.

If he must attempt to get the low interest rates of 2021 on this deal, I suggest that he instead look for assumable loans.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.

You may also avoid the seasoning requirement on a rate and term refinance. 

They offer an all in one policy, and also had a great rate compared to the others.