FIRST DEAL + hard money loan into a refinance

[Alec Hilliard]

Hey, all!

First post here on BP! Been listening to the podcast now for a while.

I have some questions about financing. 

(some backstory: my wife and I have a chapter 7 bankruptcy on our credit report from Dec. 2018 (discharge date)) 

We cannot get traditional financing due to BK. 

The deal:

We found a house that we'd like to BRRRR -

Purchase: $35,000

Rehab: $35-40,000

All in: 70-75k

Rent $875+ 

We've gotten several pre-approval for HML at 90% Purchase and 100% rehab, but my fear (after talking to a traditional lender) is getting stuck with HML without a way to refi out of it.

Does anyone here have any loan products that could bridge over into a long term rental loan?

What would you do in this situation? 

I'm dying to get our first deal done and move forward.

Thanks! 

[Ola Dantis]

@Alec Hilliard 

Yea, that might be interested if you are unable to REFi out, as that'll defeat the BRRRR purpose.

You should check a company called LimaOne (no affiliation). 

They might have a solution for you! 

Good luck to you guys.