60 second recap. Utilized a hard money loan last summer to be a cash buyer on our new primary home. Was going to buy down and refinance to under a 50% LTV with the sale of investment property in San Francisco. Unfortunately took over 6 months to buyout a tenant and sell that other property. It sold for about $800k less than anticipated. Of course, rates went up as well which didn't help the process. Looking for a product that will allow for us to use projected rents on our old primary home (looking to sell) and a vacation home to help hit the DTI on the REFI. Obviously lots of moving parts. Please don't hate. Just looking for a viable solution to stop the bleeding. Lots of equity, bad time to sell. Thanks.
I've had a handful of similar situations due to the craze the pandemic caused. Fortunately, we were able to stabilize our clients' 12-month hard money loan that had a balloon payment at end of the term with a 12% I/O payment.
I would love to see what would be the best way to structure this refi and get you out of that hard money loan.