Refinancing after hard lending

[Rod Borges]

Hello,

I recently made an offer to a triplex in MA. Property was foreclosed and bank didn't want to finance through conventional loan. I'm closing with a hard lender. Property needs some work. 

My question is: how long after closing can I refinance the property to get out of the hard lending loan?

*hard lender has no pre-payment penalty.

Thank you.

[Nick C.]

That depends on the lender. Most will require 6 months to a year. If you put a little time into coming up with a great presentation, and shop it around to local banks that service their own loans you can find one that will refi right away. You will most likely hear a lot of "no's" before a "yes", but you only need one.