Hard money , hard to get?!?!

I have an appraisal im on title for 2months, need a refinance for 65% ltv.
Is the HML this hard to get done, normal?
In Oregon, non owner occ.

Appraised value $184,000
owe $ 90,000
need 65%

Didnt think it would be difficult, Any thoughts?

So how did you come across the property? Did you purchase it or use creative financing. (sub2, quit claim, etc)?

Is the $90,000 loan from an actual lender and recorded as a lien?

Why do you need the cash out? Are you trying to do a rehab? If so, why didnt you get a hard money rehab loan to purchase and fix up at the same time?

Most hard money lenders that do rehab loans dont want to be involved with refinances. They want to be involved from the beginning. There may be a few out there that do.

Is the $184,000 the as-is value or a future value based upon repair?

I’ve found this odd my self that sometimes private lenders will not refinance a property based upon the value. Even they say that if somebody purchsed a property for $100,000 yesterday then it’s worth $100,000 even if appraised higher. That to me doesnt make sense because these same type of lenders will loan 100% financing for a property if it’s purchased well below market value.

Here in St. Louis, the private lenders will do both private refinances and purchases so that probably wouldnt have been an issue here. But each city is different depending on the private lenders in your area.

There are several national hard money lenders that claim they can do the no seasoning cash out refinances and OR happens to be one of few states they lend in. Have never used them yet though.

This is a deal im working with my aunt. She wants to sell so she can move into a smaller home seings she is on her own. The lender i was working with said i could be put on title in order to do a cash out refinance. Im looking for cash out for rehabb yes. as the place has been neglected and needs some work. The $184 is as is value.
The $90k is to a lender not private.

I have not found a national lender,

Ok, I think I understand. You’re not actually purchasing the property rather a relative is going to put you on title and then you’d like to refinance. The new loan will go to payoff the existing loan, which is your aunts, and the rest of the funds would be for fixing it up. Is this correct?

What is the after repaired value?
What is your exit strategy?
Why do you need hard money?

There are several other questions. Will email you a list.

Yes its actually going down as a refinance since im on title now.
My exit plan is to fix up and sell as # 1 or rent out as #2.

I need hard money due to low fico’s mid score.

ARV is $200+

My thouhgts are that you’ll have a much harder time getting a cash out loan by being added to title than you would have by just doing a hard money purchase/rehab loan. Questions sent to you by PM.

Im glad to know this for the future, As the lender told me otherwise. Now is there a company who will do these deals as a purchase with rehabb money as cash out?

Couldn’t tell you yes or no until more info is known. Like I said earlier, questions sent to your PM. PM means private message which can be checked online.

Iv replied to the PM now a second time, is it not reaching you? Iv answered all the q’s.

Thanks Again

Sorry, your PMs have not reached me. Received other PMs today so I know the forum is working. I cant openly suggest other ways to contact me or on the forum but you should be able to figure out how to. thanks