Strategy for financing my first deal.

[Shaniqua Dupree]

Ok so i just finished speaking with a hard money lender and was told that they would fund my rehab of 50k. With 3k down. They will actually give me 90% of 130k (ARV) but i do but need it all. Ill have to pay it back in 6 to 8 months. So what i am thinking is, get the rehab done. Wait the 6 months it takes to get a refinance on the home and refinance when the 6 month wait period is up. Pay back the hard money lender what they let me borrow with the refinance money and now i have a conventional loan for 30 years.

QUESTIONS:

Does this seem like a legit plan? 

will the money most likely be due monthly or all at once?

Is there a way that i could consolidate all of my loans and pay it off over a period of 15 years? 

How can i finance a rental property for 15 to 30 years using a commercial loan or conversational loan?

[Jeremy Pace]

You need to talk to a banker about this, you're running a huge risk if the timing doesn't work out perfectly.

You should negotiate draws with your hard money lender so that you don't borrow more than you need, and save a little on interest.

as far as the specifics of financing, maybe @Jerry Padilla

 could give you some pointers about commercial vs. conventional, 15 vs 30 yr, etc.