Updated over 5 years ago on . Most recent reply
Loans during COVID-19
Hi all, first time posting and looking for some advice in these strange times. I'm currently in a hard money loan on a 2-family property in NJ. We owe 125 and recently had it appraised for 326. It's also fully rented and cash flows well. We were just about to close on a cash out refinance until out lender pulled out due to the coronavirus.
Complicating the matter is the fact that we have a decent amount of credit card debt taken on to do the renovation of said property, that would have been easily paid off with the refinance but right now its hurting my credit score. I've also been laid off due to the coronavirus so I'm not sure a conventional loan is an option.
Is there anyone still doing loans on these types of properties? We'd love a cash-out refi but would settle for just getting out of the interest only loan. Thanks!
Most Popular Reply
Hard money is tough to come by right now, but I was under the impression conventional was still out there. You may have better luck with a local bank. It may even help to post in the local forums and see if anyone has recommendations there. 1st Colonial is in Jersey, but south of you.