Rental Property Investor · Edmond, OK · Member since 2015 · 19 posts · 3 votes
So, I've been locked in with a hard-money lender for a couple of years now. I purchased a couple of properties with them and they funded my deals 70% LTV. Great relationship yet I am thinking of refinancing my rentals into a 30-year loan with a 4-6%. Reason being is a) lower interest, and b) cash flow.
I refinanced one of my properties to a 15-yr (6%), which was great but after thinking about, I should have refinanced to a 30-year. What is the best way to do this?
Can I refinance with another hard-money lender? Or will it have to be with a bank (commercial side)? I know most banks that deal with investment properties they like to lock you in at 15-years but haven't heard of 30-yr.
@Bryan Tilos 30 & 20 years fix is available under conventional loan. I don't know the loan amount but you have to do your calculations if its worth to do refinance again.
i'd leave that 15 yr as is, unless you want to keep paying closing costs. you need to connect with a good broker and shop around for the various possible scenarios. what was your inital rationale for hooking up with a hml? lack of funding, credit, etc.?
30 year fix loan products are available for commercial loans- The longer the fixed term however the higher the rate so it all depends on what is important to you as an investor
The longer the years involved the highest the interest rate. If you want to go for longer you will have to shop around or find a consultant to go find the loan package you want, and they don't come cheap.