Hard Lenders in buffalo area

[Nadeem Ahmed]

Hello bigger pockets family,

I have a question about hard Lenders and financing with them. Generally hard Lenders have higher interest rates and would typically have me think twice about using them. But with the market now traditional loans are reaching almost the same high interest rates. My question is after using a hard lender are you able to refinance like a regular loan when interest rates come back down? Or are you stuck with them for the duration of the loan?

Also any local hard lenders in Buffalo? Looking to buy and hold multi family rental properties.

[Miranda Holland]

Quote from @Nadeem Ahmed:

Hello bigger pockets family,

I have a question about hard Lenders and financing with them. Generally hard Lenders have higher interest rates and would typically have me think twice about using them. But with the market now traditional loans are reaching almost the same high interest rates. My question is after using a hard lender are you able to refinance like a regular loan when interest rates come back down? Or are you stuck with them for the duration of the loan?

Also any local hard lenders in Buffalo? Looking to buy and hold multi family rental properties.

Investors who borrow hard money refinance their loans after the work is done. They probably don't do it as much if they plan to sell right away as an exit strategy. But when they're holding the property, it definitely makes sense for them to refinance and even take some of the equity out so they can get paid tax free while their tenants service their debt. 

As far as hard money lenders in Buffalo, does this multifamily need rehab?  Because if it doesn't need rehab, you can get a 30 yr rental  loan from private money companies and their wouldn't be a need for hard money