Hard Money Loan - Advice
Looking to understand if Hard Money would be a good fit for the following situation. Have a seller that wants to sell quickly. We worked out a price of $215k on a property that is likely worth $270k based on comps. Minimal work is required on the property.
I figure I would get a HML for the purchase price to save me from having to use my cash and then refinance out after a few months once I stabilize the property with a tenant. Math works out to the purchase price being roughly 80% of potential appraisal value.
1. Does that seem like something a lender would take on?
2. Can someone recommend a lender who would consider that?
I am doing 2 conventional deals right now, so having the HML would be enticing to conserve for other deals I am considering.
Much appreciated in advance!