Hard money lending refinance

[Josh Quesadilla]

I am a rookie investor learning as much as possible to get started in my real estate investing. I am in the market for foreclosures, with the intention of rehabing the property. To my understanding, banks are not willing to finance foreclosures. With that being said, i read about hard money lending and how it finances only for a SHORT term, 6-12 months typically. My question is if it is possible to refinance a hard money loan into a 30 YEAR mortgage to avoid paying in a short time frame. 

[Brandon Beardt]

Quote from @Josh Quesadilla:

I am a rookie investor learning as much as possible to get started in my real estate investing. I am in the market for foreclosures, with the intention of rehabing the property. To my understanding, banks are not willing to finance foreclosures. With that being said, i read about hard money lending and how it finances only for a SHORT term, 6-12 months typically. My question is if it is possible to refinance a hard money loan into a 30 YEAR mortgage to avoid paying in a short time frame. 

 Hi Josh,

To answer your question, yes, it is possible to refinance a HML into long term financing. Most people who intend to rehab properties purchase the property with a HML, rehab the property, and once the rehab is complete, refinance into long term financing based on the new appraised value. Just be cautious of different lenders Title seasoning requirements (some lenders require you to be on Title for a period of time). Best of luck!