Loans short term vs conventional 30 year terms
I am a newbe looking to buy and hold a rental property 85k. I can get a short term loan to buy the house very quickly at 8%-10% over 12 months then want to convert that into a conventional mortgage is this something that makes sense or should I just apply for the conventional 30 year mortgage with a direct lender? Any advice would be appreciated. The upside to a short term loan is I can get the cash very quickly to close a deal. Thanks john in New York