Refinancing from Hard Money

[Jimmy Warr]

In Memphis TN, if i use hard money to finance a quick deal (small commercial loan) and refinance it using a traditional bank within 3 months, does the bank still typically require a 15-35% downpayment? Or will I jus have to pay closing cost ?

[Jon Holdman]

Because its a refi, its the LTV that comes into play, not downpayment. If you're done enough fixup to increase the value, and an appraiser agrees, you may not have to kick in any money to get the refi done. Or, you may need to put in less than the full down payment, based on whatever LTV is in play.

There will be closing costs.