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Updated almost 8 years ago,

User Stats

72
Posts
27
Votes
Jeremy Kuchenbecker
  • Investor
  • Winter Garden , FL
27
Votes |
72
Posts

Quick Close with Hard Money Then Refi into Conventional

Jeremy Kuchenbecker
  • Investor
  • Winter Garden , FL
Posted

Looking at a property where the seller wants a quick close - by Feb 28 (11 days). With no contract on the house he cant close anyway but I want my offer to be accepted and as clean as possible. 

Price: 160k Rent: 1,950/month 

I generally go through a portfolio lender but am unsure if they can close that quick. I've never used hard money but this may be my only option. I would expect to hold the hard money loan for under 30 days as I would look to refi it immediately after closing. Is this possible? and what would my carrying costs be using traditional LTV on a hard money loan (I'm not familiar with what that would be)? Also would there be any points or additional closing costs associate with the hard money loan? Thanks in advance!

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