Using hard money loans for cash offers

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Will hard money lender‘s lend money for turnkey or properties that need minimal repairs or do they need to be properties that actually need a full rehab? I'm trying to see if putting in lowball offers and refinancing after acquiring the property would be a plausible method to acquiring undervalued property? 

@Jacob Hollen they will, but it typically doesn't make sense, because they are lending on the end value. If it doesn't need any work, then it is at it's end value and you would need to bring the difference between your purchase and the LTV. Most times it would be cheaper to just go with a conventional loan and bring less down vs so much down to then refinance.

@Sean Blomquist the purpose being the equity made in an offer lower than the appraised value, with the reason the seller sells to you being that you can close quickly, so for example you offer 80k on a home worth 100k and therefore won't need much of a down payment if any for an investment loan, I'm aware an entire BRRRR would be more profitable but my market only has full gut rehabs at those price points, and I know little about construction so if possible that's why I was interested in just low balling a retail sale?

@Jacob Hollen possibly is the best answer I can give.  If the property is listed on the open market, then you would have a harder time proving it is worth more than you paid.  If it is an off market deal, then you could make a case that you paid less than market value for it.

Just make sure you do your homework on the property and run the possibility through with your lender to make sure it works.

@Sean Blomquist my particular market has values that have 3-4 timesed since last recession and most sellers only have 30k owed/paid on these 100k homes and it's a bit of an odd market but despite that it still moves slowly, so there is large possibilities that they would take that much less for a quick close, and these properties are selling for 95-100% of list price typically

@Jacob Hollen   The issue you're going to run into with conventional lenders for the refi, when you offer $80k on a $100k property, $80k is the now the new appraised value, what someone just paid for it.  If you turn right around and go to refinance, it will probably be 75% of $80k.

Now you could wait 6-12 months and get it re-appraised and it might be worth $100k then, but with the fees and interest it would be hard to turn a profit, IMO.

@Jacob Hollen For conventional lenders the loan goes off of the appraisal or purchase price, whichever is lower. When you purchase a particular property, it resets the appraisal value. Yes, in 6-12 months they can order another appraisal and it would go off comparable homes in the area. But for an immediate refinance, it will go off the recent purchase price, especially if you're not doing anything to force appreciation like a major rehab.