Refinancing hard money loan

[Jason Lee]

Need to refinance out of a hard money loan. Any advice and recommendations will be much appreciated thanks.

[Stephanie P.]

@Jason Lee

You need a portfolio broker.  

Here's why

You have too many choices; For cash our refinances, most lenders have limited seasoning to 75% loan to value and some have no seasoning to 70%.  Some lenders don't care about the seasoning if you've renovated the property but all require the property to be stabilized.  Leases are important although some will go off of market rent without a tenant and just bump your rate.

These loans are like Plinko on The Price is Right.  Drop the loan in the top of the board and it hits a lot of pegs on the way down.  The pegs are questions and circumstances that drive it to one lender or the other.  Once all the questions are asked and the circumstances are flushed out, the portfolio broker knows where to send your loan.

Hope that helps

Stephanie