The area is in an area that started out good then went sour and over the last 7 years or so has started to make a come back with better shopping and restaurants and the town is putting more money into it to make it nice again.

For example, what lenders have you shopped for a cash out refi?

Train tracks, gun clubs, air strips, double-yellow lines, shopping plazas, school zones, flood zones, cemeteries, landfills, etc. 

If you ever make it out to Fort Worth let me know and we can talk shop over lunch or drinks.

Until then, I consider the application incomplete.Think of this as a $100 lesson.There are also plenty of online background/credit check services where you can set up the request to the applicant and they pay right there online, so nothing out of your pocket.

You state that most shops like this sell for 2-3 times net and it looks like you're paying 3 times net.  

Shop around for a different lender or put more down, it isn't great advice but those are your options if you don't want a different property.

Hence, it's taking longer for bigger developers to bring their juicy projects online. 

He has an auto shop in Logan Square which if you know Chicago you know has changed a lot the last ten years. 

But I don't know him at all, and there is very little info online about that company.Your help/suggestions/warnings are appreciated!