"As is, as complete" Financing

[Todd C.]

Hey all--

Looking to do my first BRRR deal, but 2 agents I've spoken with have suggested I look into leveraging my capital from the onset. They've recommended I do an "as is" loan for the purchase / rehab. Once the units are stabilized, refinance into a conventional loan. I haven't been able to find much detail around the terms of "as is" loans, so I wanted to see if anyone here could shed some light. My guess is that the interest rate is higher and they typically come with more points associated with the loan origination. Anyone ever structure a deal like this before? Any insight would be greatly appreciated!

[Mark Durham]

If a mortgage broker who was familiar with the loans couldn't explain them to me in any great detail, I wouldn't use him/her. 

Contact the actual financial institution who offers the loans and ask them directly.