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How to get out of a Hard Money Loan by Refinancing

You must find a long-term solution to get out of your hard money loan before it matures and you are forced to pay a higher interest rate. Learn how to get out of a hard money loan by refinancing in this document.

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How to get out of a Hard Money Loan by Refinancing

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  1. How to get out of a Hard Money Loan by Refinancing

  2. Kudos! You've completed a successful renovation and are ready to put your home on the market. The property, however, does not appear to be selling quickly...  • Perhaps you've concluded that rather than flipping it, it would be a better long-term rental. Whatever the case may be, you must find a long-term solution to get out of your hard money loan before it matures, and you are forced to pay a higher interest rate. 

  3. So, how do you get out of a hard money loan by refinancing? 

  4. Real estate investors are frequently denied refinancing into one of the traditional banks' 30-year loans. Even if the property is leased, cash-flowing, and you've established a substantial amount of equity in it, these banks are hesitant to take on the risk of an investment property.   • If a typical bank agrees to fund your rental property, they will want a long amount of documentation to be pre-approved...   • Bank Account Statements...   • Photo identification is required...   • Tax returns from many years ago...   • Pay slips from your first high school job...   • After they've gathered all this paperwork, they'll tell you that the loan will take 60-90 days to close. This pushes your loan past its maturity date, forcing you to pay a higher interest rate for another two to three months!  

  5. You'll need to find a real estate investment lenderthat will fund rental property loans with a 30-year fixed rate.  They can be an ideal choice in this scenario. They may convert your hard money into a 30-year fixed-rate loan in a matter of weeks rather than months, with interest rates as low as 5.5 percent.  Underwriting these loans normally does not involve any income verification, and they work with investors to secure the best interest rate possible. 

  6. THANK YOU...

  7. Website: https://corridorfunding.com​ • Address:  18534 Forty Six Parkway, Spring Branch, TX 78070​ • Phone No: (210) 941-3916​ Corridor Funding provides an environment that promotes long-term investment. We as private money lenders pride ourselves in our speed, transparency & service. ​

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