What to expect using hard money?

[Don Ellestad]

I have some questions. I found a 6 plex for $400,000, it is turn/key, fully occupied, and selling about $80,000-$100,000 less than market value because the seller is motivated. The current gross rents are $5,193 per month. The seller doesn't want to do seller financing and I do not have the 25% down payment. My thought is to go Hard Money Loan. So my main question is what would I need to expect, in detail, if I used a hard money loan to finance it and refi-ed in a year?  What would the cost of financing be? Are there any other strategies y'all would use? Thanks for any and all imput!

[George Despotopoulos]

@Don Ellestad: 

You can take a short term bridge loan if the property doesn't need rehab. Hard money lenders offer this product. The interest rate would depend on the LTV, your credit score, and experience.

It's important to note that at 6 units the property would likely be considered a multifamily residence. It's a different loan product than that offered against 1-4 units.