Hard Money for personal residence?

[Oscar Macal]

Hi everyone,

I have a quick question about hard money lenders and hope you can help. I've only used one recently for my rental property that I bought, but now I want to try something different.

I am currently in the market for my own house and I have been looking at pre-foreclosure lists and have found a few homes that I'd be interested in living personally. Obviously, they need some work and since with pre-foreclosures, time is of the essence, I wonder if I could get a Hard money loan to close on the property quickly (before it goes to auction) and use the hard money funds to rehab it, then refi out of it and into a conventional loan as soon as possible (like I did with the rental property) and then move in myself.

I don't see a huge problem with this strategy, so the reason I ask is because I remember when I did this last Hard Money loan, one of the forms I had to sign was an "Acknowledgement form" that said I was not going to use the property to live in personally, or something along those lines. 

Any advice with this?

Thanks.

Oscar