Need advise on refinancing from HML

8 Replies

I need an advise on what to do and how to get out of hard money loan. I got a Single home residence and completely gutt renovated. Due to too many steps the house is not appealing to most buyers and i cant sell it. I was trying to refinance into conventional loan and was planning to start to do short term rentals out of it but didn’t qualify based on how my taxes were filed last year. Are there any options for any other type of loans without putting any down payments to refinance out of hard money loan?
Originally posted by @Olya Shumilova :
I need an advise on what to do and how to get out of hard money loan. I got a Single home residence and completely gutt renovated. Due to too many steps the house is not appealing to most buyers and i cant sell it. I was trying to refinance into conventional loan and was planning to start to do short term rentals out of it but didn’t qualify based on how my taxes were filed last year. Are there any options for any other type of loans without putting any down payments to refinance out of hard money loan?

 How much is the home worth and how much do you owe?

Originally posted by @Olya Shumilova :
I need an advise on what to do and how to get out of hard money loan. I got a Single home residence and completely gutt renovated. Due to too many steps the house is not appealing to most buyers and i cant sell it. I was trying to refinance into conventional loan and was planning to start to do short term rentals out of it but didn’t qualify based on how my taxes were filed last year. Are there any options for any other type of loans without putting any down payments to refinance out of hard money loan?

There are option out there for longer term loans without the restrictions of normal banks with tax returns etc. Some hard money lenders offer these type of loans and then there are non qm loans. It will be higher rates then conventional but hopefully alot lower than a typical short term hard money flip loan.

 

Originally posted by @Shaun Weekes :
Originally posted by @Olya Shumilova:
I need an advise on what to do and how to get out of hard money loan. I got a Single home residence and completely gutt renovated. Due to too many steps the house is not appealing to most buyers and i cant sell it. I was trying to refinance into conventional loan and was planning to start to do short term rentals out of it but didn’t qualify based on how my taxes were filed last year. Are there any options for any other type of loans without putting any down payments to refinance out of hard money loan?

 How much is the home worth and how much do you owe?

I owe $286K and the house worth $400K

 

Originally posted by @Shaun Weekes :
Originally posted by @Olya Shumilova:
I need an advise on what to do and how to get out of hard money loan. I got a Single home residence and completely gutt renovated. Due to too many steps the house is not appealing to most buyers and i cant sell it. I was trying to refinance into conventional loan and was planning to start to do short term rentals out of it but didn’t qualify based on how my taxes were filed last year. Are there any options for any other type of loans without putting any down payments to refinance out of hard money loan?

 How much is the home worth and how much do you owe?

I owe $286K and the house worth $400K

 

Hi Olya,

If you can get a renter in the property, there are a lot of options to refinance up to 75% of the LTV based on the DSCR, where the lender won't consider your taxes.

Good luck.

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