Updated over 8 years ago on . Most recent reply
Family Loan Question
Hey BP,
I have a question related to family and I guess hard money loans for buying a property.
Say I find a great off market deal and in order to close I will need all cash. If a family member or hard money lender has the cash available to pay for the property up front and I structure a loan with them at say 8% 30 year fixed, is it possible to refinance with a bank in order to pay them back?
I guess my question is once I close and have the property, would I be able to refinance with a bank and in turn would the bank pay the hard money/family member the cash they were owed?