The rate will be lower than hard money or private money, but the catch with these loans is they will require 20% down and the interest rate is a floating rate that typically runs around 1-1.25 over prime.

Was it a Fannie/Freddie loan, VA, FHA or private loan?

Here is the rundown...Prop 1: condo.. after selling it, should clear 360KProp 2: SFH.. after selling it, should clear 750k (after paying off 95k mortgage)Prop 3: their multi-family, we would keep and after renting out their apt, it would be able to contribute to their ALF. 

You may not get the same rent as you did with the prior owner but at least you can stabilize the property in the short term, pay down the mortgage and reassess in 5 years.   

Private buyers, and especially those that are raising capital from investors, are having trouble bringing together equity.  

Would I need to contact my mortgage lender to let them know it will be an investment property?

We currently have 3 townhomes (One on 240m 6.5% and Two on 360m 7% & 7.5% mortgages).

I took out a mortgage at ~7% and now simply burning cash.

Private money lenders like RCN Capital, Conventus etc provides non-recourse bridges nationwide.

That is after mortgage, amortized insurance, property tax and so forth.ConclusionI am very happy.