I didn't know it was possible to refinance out of a hard money loan into a conventional loan.

I recently discovered BP and am in a market with no inventory so I decided to look at a particular run down block I am familiar with in my city that has various multi family properties on it. 

If you're working with a HML who doesn't have a professional accounting system it can be very difficult to get documentation that looks legit to a conventional lender and it can be difficult to even get the documentation at all.

Mainly because you can use a 3.5% down payment instead of 15% for conventional.

.:)  All the numbers look great, but the loan won't get bought by Fannie Mae or Freddie Mac because they limit the ltv on units so it's a no go for conventional financing.A DSCR loan will go to 75%. 

We did conventional financing.

If you don’t have a government-insured mortgage such as an FHA loan or VA loan, you likely have a conventional loan that is eligible for Fannie and Freddie guarantees.

Conventional mortgages are likely out of the question.

Conventional loan, not FHA.

MLS inventory is at record lows, and first-time home buyers like myself don't really stand a snowball's chance in hell here.