Using hard money on 1st rental (BRRRR) deal

[Miles Stanley]

Is this recommended? My thought is that if i understand what I'm getting into and I'm sure i can pay off the HML with a refi, sale, etc i should be set...unless the wisdom of the forums can show me otherwise!

I'm certain i can qualify for a conventional mortgage, but i seriously doubt they will lend against a distressed property.  I spoke to a loan officer at a portfolio lender bank in my area and everything sounded on the up-and-up at first, but when i followed up with him a couple weeks later, he told me that "we are holding back on these types of loans right now due to too much concentration" or something.  Didn't come off as a reliable source to me (i would hate to get a deal in line only to find out that the bank i thought was behind me has suddenly changed their mind).

So its looking like private lending sources (HML) might be my only option since i don't want to pay all cash either.

Any thoughts??

Thanks,