Refinance Out Of Hard Money Loan

[Account Closed]

Hello,

My partner and I are nearing completion on a ground up build in Horseshoe Bay West. We are interested in learning more about what a refinance would look like if we choose not to sell the property.

I am would like to begin connecting with lenders to learn more about this process, what it would look like, and the costs associated.

What information is needed to begin this process?

FYI - This would be our first refinance.

Thanks in advance,

Nick

[Jim Rivell]

Depends on a few things here. If you bought the property all cash, you will engage lenders and explain you're looking to cash-out refinance and they will guide you through the steps. They'll need the typical documentation to get the loan started (e.g. tax return, W-2, K-1, etc.) If you bought the property with a loan you will need to assure you are passed the seasoning period of the first loan, you'll need a "loan payoff quote" from the original lender and lender 2 will create a new loan paying of lender 1 and you'll now have a mortgage loan with lender 2. This is a similar process if you originally bought the property with private money to begin with.