Refinancing a hard money loan

[Colby Fryar]

I would like to get everyone's thoughts on refinancing out of a hard money loan in today's market. I recently purchased a property in February, renovated and have it rented out. I am more than a little concerned in todays environment that hard money lenders will call their notes quicker than usual. I have a community bank willing to perform the refi with a lower interest bridge loan but they are really dragging their feet. Do you think this is anything to be concerned about or is it better to wait for the normal seasoning period (3 to 6 months). Also, I refied my previous property (cash sale) after 3 months with a loan to cost. Are there banks that will do LTV in a shorter seasoning period (3 to 6 months).

[Odie Ayaga]

If you have a loan out with a hard money lender I wouldn't be worried that they're going to call it sooner than the stated term. I would, however, ensure you have your refi lender lined up asap