From Hard Money Loan to Conventional Mortgage

[Tiffany Archer]

Hello,

I'd love some sound advice. I am a newbie in Real Estate investing. I'd like to purchase a multifamily in New Jersey. I don't qualify for conventional mortgage. I was told that I could get a hard money loan and then refinance to conventional mortgage. How does this work? Are there strict requirements? Do I need to find a bank that will refinance after receiving hard money? Or should I find the lender first? Do you have to pay downpayment and closing cost to hard money lender? Where should I start? Is this even a good idea?

Any feedback would be greatly appreciated. Thanks in advance!