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Forums » Seeking Financing, Money, or Loans » HELP! Need to refinance Hard Money Loan

HELP! Need to refinance Hard Money Loan Subscribe to HELP! Need to refinance Hard Money Loan

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Tag Tags: refinance hard-money-loan


Monika Lucas

· Virginia


Forum_avatar_avatar-monika27

  • 1 post
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Jun 09 '09, 06:32 AM

Can someone give me advise please, I need to refinance my hard money loan, but the bank will not finance my 60% debt-to-income ratio, they told me it need to be at 40%. I had to use my credit cards for doing the rehab. How can I get the debt-to-income ratio down quickly. What else can I do? Please help! Thank you!

Edited: 06/26/2010 at 08:30AM


J Lee

Real Estate Investor · Moorpark, California


Forum_avatar_avatar-jpl

Jun 09 '09, 08:43 AM

Hello, I want to better understand what you want to do. Please email me.

Edited: 06/26/2010 at 08:30AM


Scott M.

Real Estate Investor · Rochester Hills, Michigan


Forum_avatar_avatar-scottmac

Jun 09 '09, 01:47 PM

Well there are not many ways to get your debt down other then to pay it off - so you need to look at ways to pay it off.....

1. Family members
2. Friends
3. Tell HML your situation - if you go under cuz your not cashflowing they are SOL - so they may work something out to help you?
4. Pull out more cash to pay your debt down - meaning make it a part of the loan - not sure they will go for that

Really - to be honest getting friends / family to help you ou is your best option.

Edited: 06/26/2010 at 08:30AM


Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado


Forum_avatar_avatar-wheatie

Moderator Pro

Jun 09 '09, 01:50 PM

You might consider re-working your taxes for the last few years to improve your income picture. Lenders are pretty strict right now.

How long have you owned the property? If its under six months, lenders may be unwilling to consider the rental income. After six months, you may find a lender who's willing to include the rent. I have that situation right now with a deal I funded.

Edited: 06/26/2010 at 08:30AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Jill Maricle

Real Estate Investor · San Diego, California


Forum_avatar_avatar-jillbuyshouses

Jun 16 '09, 12:14 PM

Have you tried to get private money loans? If the current loan is only 70-80% of the property value, maybe this would work.

Edited: 06/26/2010 at 08:37AM


Mark Gorjestani

Homeowner · Calabasas, California


Forum_avatar_avatar-mdgorjes

Dec 14 '09, 04:25 PM

Wow...80% hard money! Who is this may I ask? Hard money is an opinion for your problem but beware costs. Your project may be a break even when all is said and done.

Edited: 06/26/2010 at 10:51AM



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Dedra Allen

Real Estate Investor · Newport News, Virginia


Forum_avatar_avatar-dedramax

Jun 12 '10, 11:21 AM

Try this lender. They have alternative financing programs.Need a hardmoney lender for commercial properties? Min 2Million to 15Million. Send an email to Dedra Allen at dedraallen@yahoo.com for loan docs.

FAQ ABOUT LENDER:

http://www.biggerpockets.com/blogs/1126/blog_posts/6925

Hardmoney lender hub information

http://hubpages.com/hub/Real-Estate-Connection




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