How quickly could one refianance out of Hard Money loan ?

[Account Closed]

Hey all,

I was wondering if anyone had any experience with refinancing a property as fast as possible after closing. In my area cash buyers are dominating and its hard for my offers to compete. I was thinking of doing cash offers with hard money and refinancing into a conventional mortgage ASAP. I would have enough cash to pay of the rest of the hard money loan even with 30% equity in the property. 

I want to do this strategy for long term rental on multi-family. Im willing to eat a few months of negative cash flow if ti gets me the deal.

tldr: How quickly can one refinance out of hard money lending

[Upen Patel]

@Account Closed If you looking to get a loan based on the purchase price, then you can do a Delayed Financing right away. Delayed Financing is available up to 6 months from purchase date.

If you are looking to do rehab and get get loan based on ARV, then you have to wait for 6 months.

An close alternative to hard money would be to get a Fully Approved Loan. This is not your typical pre-approval. In this case, your loan would go through underwriting with the address at TBD. That way the seller know that your loan is underwritten and will close in 10-15 days. Its the closest you can come to a All Cash offer.