Borrower purchased the property in December of 2017 for $1,250,000 and spent $250,000 upgrading the property. Property is now being leased, while the bottom portion was being used as an Airbnb rental. Borrower had lower credit and no reserves and needed a quick refinance. We were able to allow for a new value, accept the rental income and get the borrower over $350,000 cash out. The borrower will now be able to consolidate their debt, increase their reserves and position themselves for a conventional refinance. Closed in 14 days