Hard money to conventional loan

[Alex Mercer]

I’m very new and I just have a quick question and thought I’d come here.

Ok so I have a hard money lender that charges $3500 or 3.5% (which ever is greater) origination fee.

Say I find an off market rental for $40,000 that needs little to no work. Could I get the loan from the hard money lender then refi with a conventional lender?

Didn’t know if this is a good way to get around having to put 20% down with a conventional lender.