Rental Loans - Questions

[Flavio Espinal]

Hi There,

I have a questions in regards of rental loans.

When a company (hard money loan) offers Rental loans. That one is for a property that has been rehab?  (i buy and rehad and after that apply for the rental Loan? )

or

They finance the purchase + rehab and refinance (rental) ?

Another question, would be better to take one of these loans or should i buy the property and after that go to my local bank a do a Cash out refi?

I notice the rate in this rent loans are 4.99% and above. and i think i can get a better rate in my local bank.