Refinancing a seller finance deal

[Vincent Filia]

Hi everyone, I'm new to BP and this is my first post.

I'm working on a triplex deal in Southwestern PA and I'm working with the property owner and leaning towards seller financing.

Once all renovations are done, and I have tenants in could I refinance, pay off the existing loan the owner has and have the property be mine?

I'd like to do this so that I'm safe from the seller defaulting on the loan & any other pit falls.

[Travis Wylie]

Hello @Vincent Filia! If you're from Southwestern, PA you may want to look into a portfolio lender like S&T bank. If you have a legal document clearly stating possession through the seller financing note (and they will confirm outstanding balance with owner), when you go to refinance they have an 80% LTV 10 yr ARM/30 yr amortization for a LLC. Depending on the appraisal and the outstanding balance owed to the original owner you could walk out of closing without having to bring any money to the table or better yet, walking away with money in your hand.