Not Really Sure Where To Post This?
Hello,
Ok, I have a simple question for the banking and loans people or anyone else that can help?
Would it be possible to get a hard money loan for a quick sale, (a seller to me) and then turn around once the transaction is complete and refinance the property right away?
some would say if you have good credit then just get a conventional loan but that takes time, it takes at least 30 days but this seller has to sell fast and I dont have the capitol.
But I do have the credit to get a hard money loan to purchase quickly because the seller cant wait (within two weeks) 30 days to close, I have done my due dilagence and its a sound deal that I want to pursue.
So how possible is it to get a hard money loan and then right after closing do a refi on the property? so I dont have to incur the high interest rate of a hardmoney loan for too long. Or is this not possible to do? for what ever reason and what are the road blocks in doing it this way?
thank you inadvance I really appreaciate it!
Sincerely,
Mcarr1973
[ Edited by fmcarr1973 on Date 04/12/2007 ]
Im not too worried about the hard money lender, I guess I was wondering if a lender would do a refi so soon after obtaining a loan that just purchased the property?
Thank you for your reply though
Anyone else have some comments on the subject?
Thanks guys and gals.
I really love this site everyone here is so informative and helpful. you guys gave great insight!
Sincerely,
michael
You can refinance right away, however, if you want to take cashout, it will be a little harder to find a lender. If you are doing rate and term, this can be done all day long.
Why does he want you to close quickly? Maybe you can make his payment for him so that you can have 30 days to close and save money from refinancing. Or maybe you can give him a small loan until it closes to take care of what he needs to. Find the reason he needs to close quickly and try to work things out.[ Edited by estateXchange on Date 04/16/2007 ]
If your credit score is high enough you can still consider getting even a 90% cash out refinance with no seasoning.
You should be speaking with a nationwide mortgage planning consultant that specializes in investment loans such as these.
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