I HAVE TWO HARD MONEY LOANS (TOTAL $ 150K) THAT NEED REFINANCING. WHAT'S BEST COURSE OF ACTION?
Do you live in the same state as where the properties are located? What is the value per property?
In my opinion, there are a lot of different ways this can go. Did you buy the places, fix them up and did they appreciate in value? Or did they not appreciate in value and underwater? If it appreciated, then I don't see why a local bank or national bank wouldn't let you refi into a 30 year. I've done it a couple times. If getting into a 30 year is an issue, then see if you could sell one to the hard money guy or market and pay off the note. I'm sure the interest rate is high and at some point you will begin to lose money. Good luck.
@Larry W Boyd You can refinance any time as rate and term. If you planning to cash out you have to wait 6 month for conventional loan.
@Harjeet Bhatti How long do you have to wait to cash out on a commercial loan?
@Garrett Pearson I am not in commercial department so don't know the guidelines. You can cash out under conventional loan after 6 month.
There are products out in the market now that allow you to cash out up to 75% of current value after 90 days of ownership, no personal income or tax returns needed. Conventional is usually 6 months seasoning some banks have overlays that require a year.