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Updated over 2 years ago on . Most recent reply

Robert Johnson's profile image
Robert Johnson's profile image
Robert Johnson
  • Rental Property Investor
  • from New Bern, NC
  • Member since Oct 20, 2019
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User Stats

33
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12
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Robert Johnson's profile image
Robert Johnson's profile image
Robert Johnson
  • Rental Property Investor
  • from New Bern, NC
  • Member since Oct 20, 2019
Connect
Robert Johnson
  • Rental Property Investor
  • New Bern, NC
12
Votes |
33
Posts
Creative Real Estate Financing

Hard Money Refinance

Robert Johnson
  • Rental Property Investor
  • New Bern, NC
Posted

Anybody have an idea for refinancing a condotel with hard money? We were set to have a DSCR loan in place on this property after we bought it cash, but that is looking less ideal. Main reason being we are looking at fixing it up after the busy season (it's an Airbnb property in gatlinburg TN) and then hoping to sell in the winter time, but the DSCR has a 5% prepayment penalty. Wed be looking for about a 130k note that would get my partner some money back in his pocket plus give us 30k for renovations. Any tips appreciated!

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