Private Money Lenders

[Wyatt Maa]

Hi all! Question for the BP community.

Say i'm purchasing a small multi-family investment property for $1,000,000. I'm putting a downpayment @ 20% using a HELOC. Im funding the remaining $800,000 using a private money lender @ 5% interest rate with 2 points for a 30year loan. I plan to fix up this property to increase the ARV. Is there a way to refinance so I can take out my initial down payment to pay back my HELOC while also locking up a better interest rate for a 30 year loan to take advantage of the current low interest rates?

Appreciate the responses in advance!