Interest only loan possible?

[Tim Wilkinson]

I have a hard money loan in two condos that I converted from a single family with in-law suite to two condos.

The market is way slow and I’m getting killed with interest. We have about $120,000 in the deal.

Is it possible to get an interest only loan for $500,000 for up to 5 years to pay off my lender and then I’d move in one condo and I have a renter for the second condo?

Is this something private lenders will sometimes do? All of my money is in this project so I’m cash poor at the moment.

Thanks you in advance BP!