How to refinance after hard money loan ?

Question

due to covid I have been laid off of my job I have some money saved up and was looking to possibly go through hard money lender ( unless suggested better options) but my main concern how do I refinance to a 30 year mortgage for a rental property without proof of income besides the rental property , could someone point me in the right direction,  thank you

Nghi Le · Answer

Someone who doesn't have a strong, stable income (or even no income) would probably want to go towards the asset-based side, whereas if you have a strong W2, don't own too many assets, or the property doesn't cashflow well, the conventional route may make more sense.  Here's a comparison of the two:

Lien Vuong · Answer

Commercial loan assesses the property's rental income and expenses rather than your own income and employment. You can use that as the refi.

Lynn Samatulski · Answer

What I'm thinking is the Hard money lender who by passes the regular things like credit scores. Dan Routh with All State Mortgage in Ocala, FL always gets hard money lenders. I refinanced my home through him with a hard money loan. Interest only. At the time I paid $1250ish on a $125k loan. Look him up.

Devin Cahill · Answer

@Seabelle McFarlane Hi please PM me with details!

Michael Page · Answer

Thank you Lynn I used to live in Port St Lucie, FL 45 mins north of west palm beach about 8 years ago , that's when I should of got into the real estate market but instead I was repairing properties for the banks and not pulling the trigger on my own portfolio,  But better late than never , it's just a harder market in Massachusetts  I believe everything is so overpriced

Lynn Samatulski · Answer

By the way, forgive me for thinking you live in central Florida.

How to refinance after hard money loan ?

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