How to Obtain a Mortgage on Recently Rehabbed property?

[Brent Tomczak]

Hello All,

Scenario:

-I obtain a hard money financing for a property under contract.

-Example property X: paid $40k, rehab $20-25k, worth $105k

-Instead of flipping the property, I decide to keep the property as a rental

-Need to refinance the property out of the hard money loan.

Can I go to a bank, and obtain a mortgage for this property, without having to put a down payment due to large equity position? What is the best way to accomplish this? Will there be a lot of obstacles? PMI? What is the logical way to go about obtaining financing for this property as a rental going forward? I would assume a bank would check to see if any liens are on the property?

Thanks for the help!