Questions about lenders

[Aimee Tarte]

I have a small business with an SBA loan that has both of my rental properties as collateral. They have tons of equity but I cannot do a tradition refinance because of the lien. Can hard money and private lenders such as LendingOne still do a loan on it? 

Another question: For hard money and private loans, does the property need to be your primary or rental property to qualify?

Thank you!

[Guifre Mora]

Originally posted by @Aimee Tarte:

I have a small business with an SBA loan that has both of my rental properties as collateral. They have tons of equity but I cannot do a tradition refinance because of the lien. Can hard money and private lenders such as LendingOne still do a loan on it? 

Another question: For hard money and private loans, does the property need to be your primary or rental property to qualify?

Thank you!

Typically, companies like Lendingone will be on 1st position on the title as lien holders. You would need to do a full refinance and take the current lender out for you to tap into your equity. Hard Money or Private money will be in similar positions, now there are 2nd lien lenders but the rates are very aggressive because of the risk and they are very picky on the property and location. 

For your second question: You can get a Hard Money loan under your investment or primary residence. If the purpose of the loan is for commercial use only.