If I received a hard money loan @ 5 pts. 12% mos., could I turn around and refinance the property 20 to 30 days later? Are there banks that will allow me to do these type of deals?
Are you rehabbing it? Are you buying with hard money and want to rehab and then refinance or sell within 30 days?
Yes, I would buy and rehab and sell and or refinance. :
As long as the appraisal will come back that supports the ARV you would have no problem getting a refi. The bank wouldn’t care that you just rehabbed as long as appraisal will support value. Do you have a HML in mind?
I do have some in mind, but maybe you can provide that info as well to give me more options. The only reason I asked the question is because I’ve been told you sometimes have to wait 1 to 2 years are you sure about your reply ( not to insult your intelligents)?
Yes, you can do it as soon as 30 days, I just put together a deal that was just sold after 2 months of rehabbing with a HML.
really the faster you can rehab the better…Keep more money in your pocket…
Thats fine. Do they care about credit or collateral?
What loan amt including repairs are you looking for?
70% to 85% LTV if possible
Mostly concerned with financial situation…most require a 1 page financial statement…credit not necessarily biggest issue.
No problem. Could they provide the finanical statement, that way I can meet their criteria? I have never prepared one before. If not maybe they could tell me whats inportant.
No…just write a 1 page summary go over your financial situation…cking, saving, assets, any owned real estate, or collateral…they’re pretty good to work with…just out of curiousity how is your credit?
is your credit at least 500?
to be honest dont have much buying power thats why I’m dealing with the HMLs to acumalate cash. Credits not bad just not much buying power. Trust me I’ve tried, and have been told what I need to do. So just really trying to find different ways I can finance.