What is the best way to refi a hard money loan? - Posted by Brenda

Real Estate Investing Real Estate Financing
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Posted by Nate(DC) on July 02, 2001 at 14:40:59:

First thing first…where in MD are you, and where in MD is the property?

Second thing: you borrowed $70,000…was that your purchase price? How much rehab did it need? Is the rehab now completed?

Need more details, but I might be able to refer you to someone depending on the situation.

NT

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What is the best way to refi a hard money loan? - Posted by Brenda

Posted by Brenda on July 02, 2001 at 12:48:57:

Hi all,

Here is my scenario: I borrowed $70,000 hard money for a fixer-upper whose ARV will be about $120,000. I might want to sell it with owner financing or rent it, but if I do, I’ll have to refi to pay the $70,000 to my hard money lender. Does anyone know of a lender in Maryland who will loan me the 70,000 based on the value of the property (not my credit) and the fact that the payments will be more than covered by the lease/note on the property??

Thanks,
Brenda