All Forum Posts by: Account Closed

Thanks for the shoutout! I'm hosting one on Tuesday (virtual) to go over how to use propstream!

@Rahul Gupta it depends who your lender is, but generally speaking, they want you to have good credit. There are some lending firms that can give you a loan as long as you have a pulse, but they usually have incredibly high interest rates and fees.

Hey Rahul,

If you own your properties free and clear, you can tap into the equity by doing a cash-out refinance or by cross-collateralizing the properties to help you fund the downpayment for your next property.

Best of luck!

@Donta Williams there are also nationwide lenders who can lend in Charlotte who typically have lower rates. That being said, they'll probably be less flexible than local lenders or small banks. Best of luck!

@Carolyn Llerenas haha awesome! Feel free to reach out if you have any more questions about hard money loans!

Awesome!!!

@Carolyn Llerenas like others have mentioned, you can definitely refinance out of a hard money loan into a conventional loan. The new lender will do their usual due diligence, i.e. pulling your credit, ordering an appraisal, and reviewing your financials to see if you qualify for the loan. How you're currently financing the loan isn't a big deal to them since they'll be paying off the hard money loan when you refinance anyway.

Hope this helps!

@Cerise Goldberg can you elaborate on your question a bit? Hard money lending a large industry and there are lots of components to how it works.

In general, a lender will give you a loan based on the value of the property vs your credit worthiness. These loans are typically going to be short term (12 months) and interest only with higher interest. They're best used for fix and flip projects, or as a way to quickly purchase a property.

Let me know if you have any specific questions about hard money loans!

@Dev Paul Condotels are naturally harder to finance. If that's what it takes to get it, paying 4-5% isn't the end of the world as long as the numbers work for you. Personally, I prefer to stick with SFRs and small multifamily properties and stay away from condos in general.

Congrats to your client! Looks like they got a great cash flowing property!