I am wondering how hard it would be to refinance a hard money loan with a low loan balance. The hard money loan would be for about $24,000 but I would be looking to refinance it as soon as possible to a lower percentage rate. Would it be hard to find someone to do a rate and term refinance on this type of loan? What kind of costs might be involved? Are the costs of refinancing typically rolled into the new loan, or do they need to be paid in cash? Any ideas of which banks/lenders might be able to do this?
I would of rather gone with regular financing to begin with but the people working these REO properties are pretty stuck on “no traditional financing” at least on the lower range properties I am looking at.