Hard money lenders for investment property

[Reh N.]

Is there any other way I can get a mortgage on a property that requires cash only deal? I have a business that generates close to a million annually. I want to get a mortgage but will most likely not be approved because my personal income being low. I want to purchase a property that’s has been foreclosed through a buddy of mine but would not be able to get a mortgage on it. I was thinking is there a way I can get a commercial loan perform the construction then apply for a conventional loan and pay off the hard money lenders for example and then pay my monthly mortgage?

[Stone Saathoff]

Yes. Use a hard money lender first, they will fund the majority of your purchase and usually all of the rehab, then re finance with a traditional mortgage.

Typically for investors I work with in the San Antonio, TX area, I only recommend this if they don't have enough cash to do the deal without it. Sounds like you are working on something bigger than the single family rentals I mostly deal with though.

Let me know where you're located and I may be able to refer you a hard money lender.