Based on this process, we are unable to offer you access at this time.Our policies prevent us from giving specific reasons for the rejection of an application.

But they might have really tight policies, because there is more risk if they give one person 10 loans.

It might be more economical (and easier) to just get a good umbrella liability policy for the cabin and skip the LLC.

-Form the LLC and warranty deed the property to the LLC as not to terminate the current title insurance policy.

Hey Marc, I'd be interested to see the consensus here too pertaining to builder's risk policies.

Also, do you have a policy and procedure manual in place?  

The waiving of PMI will help where a loan approval is possible but no PMI company would write a PMI policy (e.g. condos with less than 10% down).

If it makes it easier, blame someone else - "Sorry, but I checked with my insurance agent about tenants doing a little work and he/she said it would void the terms of my policy."

I knew a banker that was approached by customers to send them the loans they could not do (this of course was against policy so they did not do it but.....)5.

This is quite advantageous versus going through an entire loan committee process or underwriting process.HML's on longer term investments are not a good idea, but for short term flips, rehabs, or for the initial purchase, they can be a very strong tool.