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 ***

It might help posting where you are…


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.

cleveland/suburbs of ohio… placed on first line. Thanks for noticing.

90-95% easily done on such a loan…

What’s the first step to finding a qualified loan officer or lender?

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.