Updated about 11 years ago on . Most recent reply
Advise for possible Hard Money Lender
I am currently part of an LLC in which we all bought a house in order to flip it. The flip did not go well and now we are going to hold it as rental investment. Unfortunately, the mortgage is at 11% APR via a hard money lender and we want to refinance to a lower APR. I have offered the group that I can refinance the home in my name and lend them (the LLC, that I'm also a part of) the money at 8% APR. Can I do this and if so what do I need to do to establish this contractual agreement? How I do I run the numbers to see if this is a good deal for me?