I speak with many conventional lenders over the course of my business and networking day. Many of them don know what I talking about, but a few, in small banks, will understand completely and Air Max White Outfit
As a side note, I never recommend investors manage their own properties. Unless you know the laws inside and out, and have experience dealing with tenants (and all their excuses), it best to separate yourself from the tenant Air Max White And Blue
I going to assume a different scenario. I going to assume you want to buy a property using hard money, Nike Air Max 95 Images with a planned exit strategy of refi conventional. And that the reason you want to buy using hard money instead of conventional is that the property is empty, and/or in disrepair.
You should be prepared to show that you are refinanceable. You will need to provide your credit score and a pro forma that shows enough income from the property. If you also provide an appraisal that shows an as repaired value, that will help. If the refinance is a commercial loan, a letter from a loan officer that you have a relationship with will help. At the end of the day, the lender will have to believe that the property and the person (you) are financeable.
So start networking with groups in your area and dialing for dollars.
Well, you could start by contacting local portfolio lenders and asking them. Not large banks, but the commercial lending department of small local banks and credit unions. Simply tell them what you are trying to do, and ask.
be eager for those loans. The difference in the conversation is like night and day. You want to find these people. The conversation will go much better.
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If I understand your question properly, you want to refinance a hard money loan you have. That would be exactly what you want to do since hard money loans are not intended to be outstanding long term. Typically only for 6 months, to 1 year max.
Can I Buy Hold using Hard Money
rates at historic lows today, you want to grab as much of it as you can. It virtually free money to use for leverage.
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Yes, you can. We lend on properties with an exit strategy of refi, although not in your area, so this is not an offer, simply an example.
through professional management. (My 2 cents.)
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