The closing costs aren't much and you can go to a bigger bank or mortgage company to refinance the short term money to include your improvements.

Too many people have used IO loans to buy more house than they can afford and so when they get into financial trouble down the road and maybe try to refinance their way out of it, they find they don't have enough equity to do so.

When the rehab is complete I will take out a mortgage (refinance?)

I bet that would work :mrgreen:

Contact us with details of your purchase or Refinance for a No Obligation/No Pressure Quote.

Should I refinance to stop the heloc rate from climbing?

I read your post on the forum, I would respond there, but I know how private these issues can be.But there are several options which could potentially help you out.There are a few programs which could help, one in which we could actually work with our lenders to see if they can approve an investor refinance loan. email me on [email protected]

But to do so you'll either have to do it behind the bank's back (in which case the LLC doesn't really have clear title to the property and you could still lose it in your lawsuit), or you'll have to refinance with a bank...which of course the bank won't do unless the LLC has credit, cash, or assets.

In fact, I'd bet that the number is probably less than 40%.Most American millionaires (those with a net worth of more than $1,000,000) are "self made".

I'll bet if the "disclosure" during the ending credits told the whole truth both of these crews ended up losing money!