Refinancing a hard money loan immedietly?

[Hoa Nguyen]

Was curious about the process and possibility of securing a rental via a hard money loan and refinancing out of it within a month. My go-to HM lender has approved to finance a purchase that needs some minimal work, like a month or less worth of work. Is this a common practice or are there rules against doing so? I am not approved to buy outright with a conventional loan, but by going HM first and then refinancing seems like a solid workaround. 

[Robin Simon]

Quote from @Hoa Nguyen:

Was curious about the process and possibility of securing a rental via a hard money loan and refinancing out of it within a month. My go-to HM lender has approved to finance a purchase that needs some minimal work, like a month or less worth of work. Is this a common practice or are there rules against doing so? I am not approved to buy outright with a conventional loan, but by going HM first and then refinancing seems like a solid workaround. 

 Generally if you are looking at a rate-term refinance (i.e. less than $2000 cash-out or just refinancing into a long-term lower-rate loan but same loan amount) then you should be fine - if looking to cash-out on the refi - generally will need to wait six months of seasoning however there are a few lenders that will do cash-outs at the 3 month seasoning mark