Long term Hard money

[Tyshawn Best]

Hey BP, I've have a hard money lender that I found that will give me the typical hard money loan: 80% purchase price, 100% rehab, 8% interest only for 12 months, etc. And they require an LLC. Which I have but I've been hesitant to purchase a property through this LLC because when I go to refi with banks, the banks want me to have it in my personal name. Only this hard money lender says that I won't need to refinance through the bank but that I can do a cash-out refinance through their same company into a conventional 30 year mortgage with rates at about 4%.

This is the first time I’ve heard this from a hard money lender that you can refinance through them. Maybe I’ve been asking the wrong questions but has anyone else experienced this, is this normal, unusual, or am I just late to the party?

[Account Closed]

@Tyshawn Best It is very common that a hard money lender can do both short-term loans and long-term loans. Both loans are closed to llc, not personal names. Bank loans typically need to follow Fannie Mae's requirement to close under personal name.