Updated over 8 years ago on . Most recent reply
Private money question
From what I'm seeing, Wholesalers typically will not work with a conventional loan structure due to the quick closing process, how fast deals go and most investors with 10+ doors have an LLC. I have private money access so here is my question. If I use private money to pay cash on a wholesale deal and I agree to pay 6-11% interest to the lender over 1 year, when I go to refinance through either a portfolio lender or small biz loan, will banks pay off a private money loan? I'm in the Dallas, TX area. There could be a lot of side discussions with this post (other funding alternatives, how to pay back a private lender and normal duration, LLC convo, etc.) I appreciate the input. The main driver is I work with a private lender who wants to be in and out of deals and not tied to the property for years. Thanks!