Investment Property Refinance Help

[Adrienne Long]

Hi group!

I'm looking for some guidance here. I purchased my first BRRRR project in January with a hard money loan. I've been waiting the 6 months seasoning period to refinance out of that and into a bank loan. I bought the property for $85k with hard money. Spent $40k in repairs. It's currently rented.

After doing some research I’ve realized there are retail lenders and conventional lenders-rather than just conventional for refinance. Because I didn’t consider this, I’m hoping to gain some knowledge/ thoughts on which direction is best on a cash out refinance? It seems like the amortized loan would be more of a headache.

Retail: 80% LTV // 5yr maturity // Amortized over 20yrs.

Conventional: 30 yrs // 70-75% LTV

Thanks so much for any input!