Hard money loan to conventional loan ?

[Marcos Torres]

Hey BP , I need some help figuring out how to purchase a property. I received an off-market deal from a wholesaler who is trying to close within 30 days. I am trying to purchase this home for myself and would have liked to have taken out a convensional loan through a bank... however, the wholesaler says there is not enough time to close via that method. He suggested purchasing the home using a hard money lender and then refinancing with a traditional bank.

[Lee Ripma]

@Marcos Torres If it’s a regular home a bank should be able to close in 30 days. Maybe the wholesaler told the seller that it would be a cash sale. Are you buying for way under market? Does it need work? Hard money is very expensive so it should be your last resort. However there are reasons to use it sometimes but ask yourself if this is the right situation to use it in.