Hard Money To Conventional

Financing, Hard Money Lenders, Private Money
1

What’s the problem with this?

Find a motivated seller-

Scenario #1: Buy a property for 70% LTV, get a hard money loan to fund purchase- wait a couple of months and refi to conventional financing, at 85% LTV. Current cash flow to maintain a ‘break even’ point until conventional financing takes hold.

Scenario #2: Buy a property for up to 85% LTV, get a hard money loan to carry 70%, with owner financing for the remaining 0-15%, - wait a couple of months and refi to conventional financing. No cash out on either deal. Seller to pay closing costs, current cash flow to maintain a ‘break even’ point until conventional financing takes hold.

Obviously, I’m looking for a no-money-down deal, I’ve done smaller ones in the past but want to move on.

This would be used to finance multi-units up to about 1.5M; I’m looking for cash flow at this point. 639-649 credit score (which is the problem).

-Thx in advance, Andy

2

What’s the problem? I don’t see any problem in that scenario. It sounds like a dream deal to a loan officer like me. I could hook you up with a HML and then do your refinance for you when you were ready to get out of the HML. 640 Credit isnt the prettiest, but it works perfectly for a refinance to 85% ltv.

Were you denied by a mortgage company already? PM me if you want to discuss this further.