need to refi my hard money loan

Financing, Hard Money Lenders, Private Money
1

hi everyone i have a hard money loan and need to refi with little credit and self employment income i have a buyer for the property but she seems to not be able to close on her loan. i signed the offer to purchase 4 months ago but her lender keeps coming up with something not to close, now my loan terms is up and need to refi fast any and all suggestions appreciated thanks

2

Hi,

I had a house I sold a year ago that we placed the buyer with a new lender one week before closing because the original lender was not doing there job and failing to perform.

You should never go 4 months to close a sale unless for some reason the buyer had actually originally requested a long escrow with say 4 or 6 months for closing? Go find a new lender and insist the buyer uses that new lender or your deal is done and your going on to a new buyer!

In the mean time your current hard money lender is in the business of lending money, renew that loan for an additional 6 months as it will cost you a lot more for closing costs, points and a transfer to a new lender!

Figure out the buyers problems so they can be overcome in one transaction instead of continuing to extend close of escrow with a non preforming lender / broker?

                       GR
3

Are you still in need of the loan? Please advice.

4

Look for funding through someone you know who has a pension or IRA…make terms attractive and workable for you to repay.

I have funded hundreds of deals this way successfully.

Hope this helps.
Rob

5

Have you considered becoming the bank for your buyers? Owner finance them then you can either keep the payments, sell the note, full or partial. Then have the buyer refinance.