Who CANT I sell a house I fixed with hard money?

[Dillon Seal]

We want to use a hard money lender to fix a house, but we want to live in it. Is there any way to do this legally? Can we sell it to ourselves once we fix it and then move in? Also, we are not married, so can my girlfriend legally buy it?

[Christopher Phillips]

@Dillon Seal

Hard money lenders typically only lend for short periods of time. They don't usually lend to people that are going to occupy the property.

You also don't want to be in a position paying 15% interest.

Are there out there? Yes. The vary by state.

Consumer based hard money loans typically require more regulatory licensing that most HMLs don't have. It's super risky for the lender. That risk means that they are going to charge you for it. They are still meant for short term use. So, if you are going to use it to buy a house that requires cash due to its condition, you need to be able to refinance it into a regular loan once the work is complete.