Private lenders and refinancing
Hello everyone!
I purchased $186,000-SFH in Virginia using private lender a month ago. I have to pay the payable amount plus interest back in 3 months. Right now, I have been rehabbing the property. ARV is $400K. I want to refinance to take the some cash out and pay off the loan. However, couple mortgage companies told me that they would only loan me 70%-80% of the purchase price. Moreover, the financial agent said that most banks wouldn't lend money to any buyers in this situation, only cash buyers ( I was considering selling the house.) It has to be a year later.
I'm thinking of getting another private lender to pay the first loan. Have you guys heard of the WPI lender (Wholesale Properties International), which I found on the internet? They provide AVR loan, rehab loan, purchase loan, etc., but they require $4,000 deposit.
Any insights would be most appreciated.
Thanks so much!