Investor · Chicago, IL · Member since 2016 · 10 posts · 1 vote
Hello BP Friends
Im curious is hard money lending strickly for rehabs and flips? I know hard money is short term financing but what if the property is bought at a discount and needs no work? Can I get a hard money loan to finance until I find the C Buyer?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
9y
Hi @Tiauna Perkins, the short answer to your question is yes, you can buy a property that needs no work with hard money until you find a buyer. You can also do that same thing with a "conventional" loan or a "portfolio" loan. A conventional loan and portfolio loan will have lower costs associated with them. If your fear is that you may not qualify for a conventional loan then try to find a lender or a mortgage broker with portfolio options. But if all else fails then hard money will be another option. Hope this helps!