refi free and clear with bad credit

Need to refi with 500 fico score. Here’s the deal: Paying $98,000 cash (thanks mom!). Will close in about a week. Would like to borrow $40,000 to: (1) pay off credit which is roughly 5k, (2) another 5k in upgrades, and the remaining monies will be used to start flipping houses.

Est. Value $120,000

Need to Borrow $40,000

Property is free and clear

Owner Occupied

Does anyone know a HML that will do a loan under these circumstances?

More info:

Subject property is located in Michigan. I can do full doc.