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Updated about 6 years ago,
Delayed finance out of hard money within 2 months
Hello, I was wondering if anybody knows if I can pay off hard money and then still get delayed finance on a rental property?
I used cash for some down and prepaying construction so it would be on the hud, but used hard money on the rest at 75% of arv.
I had some money out as private money, so when I found a property I used hard money because it was easy and just to try out that experience. so the renovation is done, got a tenant in place but cash flow is a little tighter that I thought so now finance rate long term becomes more important. I have quotes of 6 to 6.3 on a 30 year from 3 banks which I can lock in today, but bofa will be around 5.5 but I need 4 months for a refi of the hard money amount. I am just under 2 months and the hard money is interest only at 10% so 2 months isn’t that long. Maybe 1 fed rate hike of .25% between then and now (80% chance according to CNBC today)