We have formed an llc and are imbarking on our first project. I know I can use a hard money lender, however, I would appreciate any info on how we go from acquisition to permanent financing within 6 months. The property will still be an investment project and my research suggest no traditional lenders unless owner occupied.
Any suggestions are welcomed, thank you
Hi Plenty,
There are plenty of lenders to help you with your investment goals depending upon your credit scores and several other factors
You would have 2 choices. A rate/term refi which is simply just paying off your hard money. Woud be easier to qualify then getting cash out. If cash out is needed there are lenders that could do this for you.
If your scores are high enough there are traditional lenders that can do the rehab loan and it will be set up in the begining so the loan will modify into final terms when complete.
Ben is right.
A normal rate and term (r/t) or cash out (c/o) refinance to pay off the HML is a simple process.
There are numerous Lender’s that will have no seasoning issues.
There are a multitude of options, from that point, available.