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Updated about 5 years ago on . Most recent reply

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175
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75
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Cole Britting
  • Investor
  • New Hampshire
75
Votes |
175
Posts

Private/Hard Money Refinance Question

Cole Britting
  • Investor
  • New Hampshire
Posted

I've heard a few things about a six month time period before you can refinance. I am not sure if this is just for refinancing a conventional 30 year loan into another one, or if it applies to refinancing a private/hard money loan.

I'm thinking of this in terms of a BRRRR. If I have a hard money loan and can finish the rehab within a month, do I have to wait 6 months to refinance? Or can I refinance as soon as I am done my rehab?

Thanks all and hope everyone is staying safe!

Most Popular Reply

User Stats

131
Posts
59
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Daniel Molina
  • Lender
  • Charlotte, NC
59
Votes |
131
Posts
Daniel Molina
  • Lender
  • Charlotte, NC
Replied

@Cole Britting The seasoning requirement is not a steadfast rule for private lenders/HMLs. It is a good guideline to have either improved on the property with documented proof. In your case, refi should not be an issue. keep in mind if you want anything long-term, most lenders will look at a DSCR. If your property is not stabilized and cash-flowing you may not be able to get anything longer than a bridge loan as was mentioned by @John Morgan.

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