Hard money lending.

[Abel Vazquez]

Hello everyone. I have a quick question for everyone.If I get a hard loan to buy a house that is only accepting cash offers can I refinance to a conventional loan after having bought the house?

[Jon Holdman]

If the seller is only accepting cash offers then a hard money loan probably won't be acceptable. Hard money is still a loan, not cash.

To answer your questions, yes, you can refinance. If you want to do it quickly (less than a year) you will use the price you paid (or appraisal, if lower) as the "value" for the refi loan. If you want to use a new appraisal you will need to wait at least six months, a year for most lenders.