How to Refinance a Short Term Rental Loan

After renting it for nearly three years, plus appreciation, i had built a good amount of equity. This led me to a cash out refinance to pull some of the equity out as working capital in future short term rental development deals with my partners. The property was grossing about 82 thousand dollars per year and netting over 50 thousand bucks, so i wasn't worried about the extra % on the interest rate. But two days before closing, I received the closing disclosure stating that the interest rate was hiked to six point nine %. It turned out that there had been three interest rate increases over the forty five days leading up to closing. "I was speechless," he said.