Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

Hey Sam,Congratulations, hopefully you can work something out.My recommendation would be working with a lender that is comfortable with seller financing and keep your cash to close at a minimum.

Incidentally here's a list of non-recourse lenders you can talk to.

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

Many investors successfully build portfolios remotely, but thorough market research and assembling a strong local team (agent, lender, contractor, PM) are key.

The bank/lender helps with he remainder of the building and construction costs.

Many lenders will not do a DSCR loan unless cash flowing.

You also will need to have multiple lender relationships as you grow. 

Lau, generally if you are financing with a commercial lender- we lend for business purpose only and a rental property would fall under that category.

About two weeks later, the appraisal came back with a value that was off by approximately 35%, leading the lender to reject the loan.I contacted the lender to explain why I believed the appraisal was flawed.