All Forum Posts by: Tarik Turner

You absolutely can refi after an all cash purchase based on the as is value of the property, it just depends on the lender and how long their seasoning period is. That can range from 30 days to 1 year of ownership 

What are the approximate value ranges on the properties?

There are short term Line of Credit products available for investors that are used to help purchase multiple properties - not sure those products are available during these times but it is worth looking into

In regards to the initial question. This global issue is not like the crash in 2008 and was not directly caused by the real estate market. So while we have all been affected for sure and while certain things may change for good. I do expect most of the same mortgage products to return at some point on the other side of this Pandemic 

Where is the property located?

What is the current value of the property

The numbers on this one aren't the greatest it maybe tough to get something with only 10% of the purchase price as a down payment you are pretty close to 85% of the ARV with total costs. Most Hard money lenders like to stick to around 70% to 75% of the ARV and many of them don't like to exceed 90% of total costs

I may be off base here but it sounds like you got into the wrong HML on the front end. Was your initial loan a bridge loan with 0 rehab funds?

If so you may need another short term loan product to get the rehab work done. Then refi into a long term product based on the appraised value 

Not sure there is a legit Hard Money lender that has a pre pay penalty that last the full 12 to 24 months Most HML pre pay is typically 3-6 months so there are a ton of products out there that can meet your criteria