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» Refinancing With Hard Money
The advantage of hard money loans is the speed with which they can be completed. If you have your paperwork in order, you can get a hard money loan in two weeks or less. Whether you are purchasing or refinancing commercial or investment resdiential properties, this can be very helpful.
It is important to note that if you refinance a property using hard money, the hard money lender must be in the first lien position. This means that any outstanding loans / liens on the property must be paid off with the proceeds or subordinated to the first lien position loan. In general hard money lenders will fund up to 65% LTV. You can have an additinal loan outstanding for up to 15% of the balance, but it must be subordinated to the hard money loan. If the original loan was given by a conventional bank, this might be hard to accomlish. Check with the original lenders beforehand.
