REFI OF INCOME PROPERTY AFTER REHAB???? - Posted by JOHNMAN


#1

Posted by Mark R in KCMO on December 08, 1998 at 18:12:37:

Johnman,

Yes, you can refi out of a hard money loan, you may also be able to pull additional cash when you refi as well.

look for a good mortgage broker, and they will help you find the program that is best for you situation.

Hope this Helps
Mark R in KCMO


#2

REFI OF INCOME PROPERTY AFTER REHAB??? - Posted by JOHNMAN

Posted by JOHNMAN on December 08, 1998 at 17:57:13:

Here is the scenario; I buy a 6 unit property that needs rehab. I did the work. I used HARD MONEY to finance the deal. My total cost, everything, is $125,000. Appraised value at $175,000. Now I want to pay off my hard money loan. Would a bank that deals with refi on investment property refinance my property based on the appraised value or would they just loan me the money to pay off my hard money loan? My concern is paying the hard money loan thru refinancing!

Any thoughts??

Johnman