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Author Topic: Ideas for getting out of HM Loan?  (Read 1050 times)

Offline camilomachado

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Ideas for getting out of HM Loan?
« on: January 03, 2007, 11:42:13 am »
Hello,

Just spoke to my broker regarding a deal where I would take out a hard money loan. He is advising me that I will have a hard time refinancing out of the HM loan 3 months later because the assignment fee I am paying for the house is too high.

House was bought at foreclosure auction for $14,650 and investor wants $12,350 assignment fee. I'm purchasing for $27K and ARV is coming in at $50K-$55K. Broker is telling me that banks will look at the money the wholesaler is making $12K and they won't refinance the house even if I keep it because they would view the chain of title and consider it flipping.

Anyone have any ideas of how I can get around this? The property is a good deal and I can get money to finance, but I can't run the risk of getting stuck on a HM loan for up to a year.

Offline dwj469

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Re:Ideas for getting out of HM Loan?
« Reply #1 on: January 03, 2007, 12:36:35 pm »
I am not sure about this one. In my opinion I dont really see why it matters to the bank how much anybody made on the property as long as there is ample equity in it to make it a worthwhile investment. I know of some banks that will refi the day after you are on title and a lot of others that will refi 3 months after. Find a broker that works with banks that do this.
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