Hard Money Loan and Refinancing
Hi,
If you take out a hard money loan using a property as the collateral for that hard money loan, in order to pay off that property's mortgage, does the hard money loan act as another mortgage against the house once the mortgage is paid off? I'm trying to figure out if the hard money loan would act as a liability against the house if I was to try to refinance the house after the mortgage was paid off with the hard money loan. And then use the refinance to pay off the hard money loan.
Any feedback is greatly appreciated.