Hard money lending To Newbie With Excellent Credit

[Frankie J Ortiz]

Hi, my name is Frankie, I'm looking to purchase my first rental property in which I will be living for the first year. My question is since we are in such a competitive market. Can I get a loan from a hard money lender with a pre-qualify letter from the bank so I can pay cash for the property then take a mortgage and pay the money back to the hard money lender? If not whats my best option. Thank You

[Jay Hinrichs]

Quote from @Lori Williams:

Hi Frankie.

1. I don't know of any hard money lender that will let you occupy the property as your residence.

2. Not sure what you're meaning with your financing strategy. You can qualify for a hard money loan to purchase and rehab. You'll need probably 10-20% down plus lender fees, closing costs and insurance/tax escrow and maybe some reserves. The loan takes about 30-45 days to close as long as you get them what they need timely. In 4-6 months (usually, depending on lender you want for your long term loan), your rehab loan will be seasoned, so that when you're done with your rehab and you have it rented, you can refinance it into a longer term loan at a lower interest rate.

Hope that helps :)

there are a couple of HML in Las Angeles that will do owner occ.. but not sure where they lend.