Do All HM Lenders Require You To Own Your Primary Residence?

[Robert Saunders]

Okay so I came across this amazing deal but the seller is requiring All-Cash Offers (as if I haven't heard that before). The deal requires at least $200K to close plus $100K to rehab but will command rents upwards of $4200/month with non-renovated comps selling at $350K. Great right (lol)? With a deal this good, I finally decided to look into Hard Money Loans as a potential source of Financing and the lender told me that one of the requirements is that the borrower (or a partner of theirs) must own their Primary Residence. This is my first investment property and I've always been a renter.

Is this a common theme that I am going to run into with all HMLs? What options (if any) do I have to get around a requirement like this?

Thanks in advance for any insight y'all may have.