Dallas-Fort Worth Real Estate Investor Club

Refi from private money loan

  • 02 Nov 2016 3:13 PM
    Quote
    Message # 4361447
    Mike Burtzlaff

    I am considering a purchase at $104k.   Let's assume ARV of $130k. If I finance initially with a private money loan, how quickly can I refi into a 15 yr mortgage with a new appraisal?  My goal would be 2-3 months.   Is that possible?
  • 03 Nov 2016 9:14 AM
    Quote
    Reply # 4362541 on 4361447
    Philip M
    Depending on the specifics of the deal you can re-finance from hard money (private lender) to a conventional mortgage a days after the first closing. I don't know about the numbers through. $26k is is kind of tight. Typically it 70% of ARV.

    Call Ryan Hobbs with Noble Mortgage he can provide both the hard money and conventional, as well as let you know what numbers to look for. He can be reached at 214-492-0100. Please let him know that I sent you.
  • 03 Nov 2016 11:39 AM
    Quote
    Reply # 4362829 on 4361447
    Deleted user
    Mike Burtzlaff wrote:

    I am considering a purchase at $104k.   Let's assume ARV of $130k. If I finance initially with a private money loan, how quickly can I refi into a 15 yr mortgage with a new appraisal?  My goal would be 2-3 months.   Is that possible?


    Mike,

    Call Tina Mayo, Loan Officer and Branch Manager for Premier Lending right here in Tarrant County.

    She can give you all the timelines, as well as, provide you with exceptional service.

    She can be reached at:

    tmayo@pnlending.com

    817-808-1264

    Please Let her know I referred you when you speak to her.


    If you need help with the HM loan portion, you can reach me at:

    hmayo@aisc-edition.com

    817-266-9700

    Hal

    Last modified: 03 Nov 2016 11:40 AM | Deleted user
  • 03 Nov 2016 1:27 PM
    Quote
    Reply # 4362986 on 4361447
    Mike Burtzlaff

    Thanks Hal and Philip!  I decided to pass on this specific opportunity, but my goal is to get more houses.   I haven't been able to bring myself to use hard money yet because I haven't been able to justify the cost.  I will plan to follow up on these contacts though.  


    Thanks!
  • 09 Nov 2016 10:55 AM
    Quote
    Reply # 4372892 on 4361447
    Philip M

    I agree about the additional cost of hard money sometimes not being worth it. I have yet to use it myself but sometimes I have also had problems getting a mortgage after the property was renovated. It is dependent on which financial institution you are talking with. If they sell their mortgages it is usually very restrictive. If you use hard money they typically look at it as a just a refinance. 
Powered by Wild Apricot Membership Software