clarification on hard loan to conventional

[Andrew Strong]

Scenario is your buying and flipping a single family home.  Banks are willing to give me around $70K for a conventional loan. I have excellent credit and a good job. I want 250K, If I took out a hard money loan, flipped the house, would there be a better chance that the bank would approve and buy off the hard loan now that the house has increased value? If not would getting a co signer help? I don't see the point in doing a hard money loan if you get denied a conventional loan, if you will only get denied again when refinancing.

[Andrew Strong]

Quote from @Katherine Blazer:

There is not enough information. I would guess that if you are approved for $70k it would be in regard to your Debt to Income (DTI).

If the property needs work, you can use hard money to increase the value and complete a rate and term refi to pay it off. However, if you do not qualify for the $250k loan, you still won't be able to secure it. 

Hi from another Tampa Bay Local! @Andrew Strong

Thanks Katherine for taking time to respond to a newbie question . I’m hitting audio books hard and digging for as much knowledge as I can bc I know I have the motivation and drive to get my first investment property this year