We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
February 01, 2023, 08:50:07 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
February 01, 2023, 08:50:07 am
Home Help Search Calendar Login Register

Author Topic: HARD MONEY THEN REFI?  (Read 3321 times)

Offline REAL ESTATE INVESTOR

  • Member
  • *
  • Posts: 23
    • CHILDRESS REAL ESTATE
HARD MONEY THEN REFI?
« on: February 01, 2007, 11:53:40 am »
Done rehabbing a home worth 100K IN CLEVELAND/SUBURBS OHIO
I owe 68K (hard money lender)

What lenders will refinance me out of the hard money loan?
What LTV?
What rates? 650 middle (full doc) bank statements
Is Seasoning an issue?  I've had the home 2 months

Suggestions so far are:
1. New Century
2. Indy Mac

*** Hoping someone has a definite answer for me ***

« Last Edit: February 01, 2007, 12:29:59 pm by REAL ESTATE INVESTOR »

Offline kdhastedt

  • Member
  • *****
  • Posts: 5807
Re:HARD MONEY THEN REFI?
« Reply #1 on: February 01, 2007, 12:27:36 pm »
It might help posting where you are...

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline lassitermortgage

  • Member
  • ***
  • Posts: 129
    • Portfolio Loan Blueprint - No More Fannie and Freddie
Re:HARD MONEY THEN REFI?
« Reply #2 on: February 01, 2007, 12:30:23 pm »
If you do an 80% rate and term (no cash out) and the home isn't now or hasn't been ever listed for sale on the MLS then lots of lenders will do it. Indy is (if memory serves) 660 full doc and 680 stated.

Offline REAL ESTATE INVESTOR

  • Member
  • *
  • Posts: 23
    • CHILDRESS REAL ESTATE
Re:HARD MONEY THEN REFI?
« Reply #3 on: February 01, 2007, 12:30:47 pm »
cleveland/suburbs of ohio... placed on first line. Thanks for noticing.

Offline zachj

  • Member
  • ***
  • Posts: 249
    • Mortgage/Real Estate Website
Re:HARD MONEY THEN REFI?
« Reply #4 on: February 01, 2007, 08:34:46 pm »
90-95% easily done on such a loan...
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

Offline REAL ESTATE INVESTOR

  • Member
  • *
  • Posts: 23
    • CHILDRESS REAL ESTATE
Re:HARD MONEY THEN REFI?
« Reply #5 on: February 02, 2007, 11:09:47 am »
What's the first step to finding a qualified loan officer or lender?

Offline Investment Loans

  • Member
  • *****
  • Posts: 1062
    • www.BenCarmona.com
Re:HARD MONEY THEN REFI?
« Reply #6 on: February 02, 2007, 03:11:40 pm »
You dont have to look too far for a qualified mortgage consultant, there are several on this board that would be able to assist you with this.

Seasoning will only be an issue if you are trying to take cash out.  If you are only paying off the existing HML then no big deal.  As noted, many lenders will have a program for this.

However, if you are trying to take cash out then this may become a bit more complicated depending on what ltv you are trying to achieve.

As you get higher in LTV, it's less likely that you may qualify for a conventional loan.  Most conventional programs have no seasoning.  If you cant qualify for a conventional loan, there are less than a handful of lenders than can do cash out with no seasoning.

There some important questions that always need to be addressed for these types of loans too.  Definitely work with someone who specializes in investment loans.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline bifloman

  • Member
  • *
  • Posts: 19
Re: HARD MONEY THEN REFI?
« Reply #7 on: February 06, 2007, 06:30:44 pm »
thanks

Offline JOHNNY Q

  • Member
  • ****
  • Posts: 568
    • http://www.therealestatevaultstore.com
Re: HARD MONEY THEN REFI?
« Reply #8 on: February 06, 2007, 06:34:47 pm »
ABC?
John Quebedeaux-CEO-Quebedeaux Financial Investment Holding LLC
Residential, Commercial, Construction, Land Acquisitions, Lot Loans, Bridge Loan, Hard Money, Foreclosure Bailout & Short Sales.MTN, BG, SBLC etc...

 




SMF 2.0.15 | SMF © 2017, Simple Machines