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Author Topic: need to refi my hard money loan  (Read 8498 times)

Offline access

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need to refi my hard money loan
« on: August 13, 2016, 06:32:38 am »
hi everyone i have a hard money loan and need to refi with little credit and self employment income i have a buyer for the property but she seems to not be able to close on her loan. i signed the offer to purchase 4 months ago but her lender keeps coming up with something not to close, now my loan terms is up and need to refi fast any and all suggestions appreciated thanks   

Offline Gold River

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Re: need to refi my hard money loan
« Reply #1 on: August 13, 2016, 08:44:08 pm »
Hi,

    I had a house I sold a year ago that we placed the buyer with a new lender one week before closing because the original lender was not doing there job and failing to perform.

You should never go 4 months to close a sale unless for some reason the buyer had actually originally requested a long escrow with say 4 or 6 months for closing? Go find a new lender and insist the buyer uses that new lender or your deal is done and your going on to a new buyer!

In the mean time your current hard money lender is in the business of lending money, renew that loan for an additional 6 months as it will cost you a lot more for closing costs, points and a transfer to a new lender!

Figure out the buyers problems so they can be overcome in one transaction instead of continuing to extend close of escrow with a non preforming lender / broker?


                           GR

Offline rewitte.us

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Re: need to refi my hard money loan
« Reply #2 on: August 25, 2016, 10:07:41 pm »
Are you still in need of the loan? Please advice.

Offline Rob in Atlanta

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Re: need to refi my hard money loan
« Reply #3 on: August 30, 2016, 10:47:58 am »
Look for funding through someone you know who has a pension or IRA....make terms attractive and workable for you to repay.

I have funded hundreds of deals this way successfully.

Hope this helps.
Rob
Rob in Atlanta
REI Consultant/Mentor,
Author of ™DEBT FOR PROFIT© and
Keynote Speaker for REI Clubs Across America
https://www.youtube.com/watch?v=G2iYVFk-Dbg

Offline jamesh43

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Re: need to refi my hard money loan
« Reply #4 on: February 07, 2017, 05:52:28 pm »
Have you considered becoming the bank for your buyers?  Owner finance them then you can either keep the payments, sell the note, full or partial.  Then have the buyer refinance.

 




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