Hard Money refinance

[Michael Vezyrakis]

Hey BP, 

I was recently talking with some family of mine and they where discussing an issue they are having. They have a duplex and when they closed they agreed to a 6.75% interest rate. Now they are trying to refinance and are unable due to lack of income. I was wondering if it is possible and if you recommend to refinance out of a conventional loan and go to a hard money lender that offers a lower interest rate with a 30 year loan. I was also told that they have excellent credit and the only issue they have is lack of income. Is this a possible strategy and if not can anyone give any advice on possible solutions.