Refi after using Hard Money

[Andrew Zannotti]

Hello all:

I purchased my first duplex last month and my plan is to BRRRR it. I plan on going in and doing all of my renovations in July after the last tenant moves out for a value-add. I've heard mixed things about whether I have to wait 6 months or not to do a refinance. I'm just trying to see if there anybody that used hard money, and then refinanced in less than 6 months before I start calling every bank in a 50 mile square radius for no reason... PS, I set up an LLC to purchase the property as a requirement for my hard money lender, if possible I would like to keep the property in the LLC.

Thanks in Advance!

Andrew

[Heath Ryans]

@Andrew Zannotti it all depends on the bank. Every bank has their own requirements. Some say 1 year before you can refi, some say 6 months, some say the day you close. Just shop around. Find someone who's programs fit your needs. Also, look at your hard money and make sure you won't get hit with a prepayment penalty.