Updated over 10 years ago on . Most recent reply
Refinancing a hard money loan into some type of long(er) term loan
We recently finished a flip and put it on the market for sale in Decatur TX. As a back up plan I am looking for refinance options to possibly turn this into a rental. The issue is, our loan-to-value is at 88% and we cannot come in with more money. We can get a lease for the property very quickly if that would help with the refinance but I really don't know if lenders care. Can anyone think of lenders/banks that would be willing to take on the loan or maybe of another exit strategy? Thank you!