How to refi out of hard money loan/multi unit

[Colton Bridges]

I recently bought a duplex that I plan to convert to a fourplex. I used a hard money loan to purchase this off market deal.

I rehabbed the upper two units within two and a half weeks and have a renter already lined up for one unit. I believe after the holidays the other unit will go quickly.

What is the rule to refi into conventional loan? If I secure renters and show a lease agreement and deposit can I get into lower interest rate mortgage?

I wasn't planning on going this big for my first investment but the deal, location and potential to value add was too good to not go for it.

Thank you!

[River Sava]

Hey Colton - 

Have you looked into DSCR loans for the refi? You don't have to wait a year to refi like conventional...you can do it in as little as 3 months.

Check out this BP artile for more info: https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...