How easy is it to refinance a personal loan into a Mortgage?
I am considering taking a personal loan (20% interest @ 5 years) for a nice house that is going up for auction next week. This is a cash only deal, with lots of potential. My plan is to BRRRR. I'd like to find a hard money lender, but instead have opted for a personal loan until I can refinance out of the loan and into a comfortable 15 year mortgage, or even better do a cash out refinance if possible. Anyone have any similar experience with this, and want to share your stories, tips or advice? Or possibly point me in the direction of hard money lenders?
Thanks,
Greg