Updated over 5 years ago on . Most recent reply
Want to refinance a rental property from 10.25% hard money to 4%
I bought a sfh in california wine country with a hard money loan of $470k at 10.25%. The house appraised or $675k a couple of months ago. I want to refinance to a loan closer to 4%. There is a tenant currently but the rent is $2700 and does not cover all the costs of this high interest rate loan.
The home used to be a vacation rental and was bringing in $79k per year. The rental vacation permits will be available again next year.
However, in the current scenario I want to refinance. Does this seem possible? Does anyone have experience with this type of scenario? Thank you.