@David M. is correct about not being able to get a conventional loan within an LLC and the rates being in the 4's and 5's for commercial. 

Most Hard money lenders are going to want 1st lien position and even if everything breaks right and a lender will take second position, a 40k loan amount is so small it eliminates a ton of options- An Asset based Lender at 75% to 80% LTV is your best option if you can not get conventional funding

You cannot get a conventional loan on two different properties.

Anyone have an idea of what conventional financing terms (rates, term, LTV) are available these days for refis?

@Christian WeberMaybe if you buy using a conventional loan the 100 miles rule doesn’t apply

Convention financing with 20% down.

He would have trouble when it came time to refinance into a more reasonable conventional loan. 

SO, I do not meet the work/income history requirements for an FHA or Conventional loan (to my knowledge).

You plugged in a way too low rate for a conventional long term loan and costs. 3.75 30 year with $2500 on a cash out 4 plex investment loan you need 2-3 points or more to buy down to that rate so add $2400 + to your $2500.

Conventional Loan.We had an offer before of 305,000 but fell thru because a ****** appraisal of 284,000 using comps from 8 months ago and wouldn’t consider the new comps .