Can somebody tell me if you can take a Hard Money Loan to purchase a property that has already been renovated and then refinance it into a conventional loan? What I am looking to do is purchase a home at 52% appraised value and refinance it 6 months later while pulling out cash. I cannot seem to get straight answers as far as the Hard Money Loan or how long I would have to wait to refi with cash out. Thanks for any help.
Have you called any of your local HMLs and posed this question to them? Most people associated HM=rehab, and some of the them are designed for only rehab projects. if a HML is not purely a rehab lender, I dont see why you couldnt buy another deeply discounted property (like the one youre talking about). Again, I would just call a couple local guys and pose the exact scenario to them, get the answer from the horse’s mouth.
I don’t see any reason why your local HML would not do this loan. We are concerned about LTV and borrower’s ability to repay the loan.
Good luck!