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Refi out of hard money into primary residence home loan???
Does anyone have any experience refinancing out of a hard money loan into a primary residence conventional loan? Just finished the rehab and need to refi out of hard money. The original plan was to buy, renovate and either sell or rent out. It’s in a gentrifying neighborhood on the west side of Cleveland. The thought process would be to put a low interest mortgage since it would be my primary residence, live there for the time being then turn it into a rental. Lock in a 30 year rate with low interest.
Would I sell it from my LLC to myself or sell it from one LLC to another LLC and rent from the LLC? I've never seen this discussed and want to know if a lender would go for it. Thanks