Can I refinance a hard money loan?
So, here’s the scenario. Over a year ago I was feeling very ambitious and purchased 3 fixer-uppers, in 3 different states, all using hard money loans, with the same lender, @ a rate of 12.99% with a balloon payment in a year. Contractor challenges and several other money pit issues caused the monthly payments to get behind. The lender offered me a deed in lieu for all 3 if I just walk away. They also offered a cash settlement amount for all 3 properties, forgiving some of the missed payments.
My goal is to save these 3 properties. My question is, will I be able to refinance these properties with another hard money lender at the “cash settlement” amount the original lender is offering me? I have the cash for down payments and great credit because none of these have actually hit my credit report. I’m just looking for the best way to save these properties and finish the renovations. Permits and drawings are all approved and newly highly vetted contractors are ready to go. What’s the best move here?
Any and all advice would be greatly appreciated. Thank you kindly.