HML and Refi

Financing, Hard Money Lenders, Private Money
1

this may be a no brainer but for some reason its not exactly clear to me. Say I get a HML for 65% LTV with interest only payments for 6 months and i rehab the property. If I want to hold this property I could just go to convential bank and refinance correct? or do I do a HELOC?

Thanks

Jason S

2

If the Property is Finished

You can Refinance your home,

Some States Allow you to Cash Out up to 100%

Or you can do a Rate N Term w/ cash out, to lower your interest rate and the term of the Loan, and take the equity out

Or if you just want a Line of credit, you can do a HELOC, Home Equity Line of Credit

3

Brenda is correct.

Once you have your rehab completed, you can contact a confroming bank or broker and refinance it into a standardized mortgage.

The available LTV will be based on your personal parameters and State requirements.