There are many reasons why borrowers choose hard money loans to finance property purchases. It could be that there were issues with your credit, or maybe you were looking for a streamlined loan process so you could move fast on a property. Or perhaps you were planning to fix-and-flip.
Regardless, if your needs have changed, you may be looking to refinance out of your hard money loan to a product with a lower interest rate or a longer loan term.
Big Banks Can Make Refinancing Out of a Hard Money Loan a Challenge
If you have a hard money loan and you try to go through a traditional bank to get a refinance, they may grant it, but they often will not make it easy.
The reason is that a big box lender is unlikely to feel comfortable providing long-term financing for a property investment they perceive of as being risky.
Both the paperwork and the timing involved can be cumbersome if they do decide they are willing to move forward.
A better solution is to turn to a non-traditional lender that has extensive experience working with investors.
Such a lender is going to offer you more in the way of flexibility and speed than a big box lender, and will be more likely to consider giving you a 30-year conventional loan or another loan type that will fit your new requirements.
Lending Bankers Mortgage Can Help You Refinance to a Loan that Fits Your Needs
At Lending Bankers Mortgage, we work regularly with investors and other commercial clients.
We offer hard money and fix-and-flip loans for short-term use, but we also offer conventional loans and other types of loans with longer terms and more affordable interest rates.
Because we have so much experience with all of these types of loans and with customers buying, selling, and holding investment properties, we are able to refinance a property quickly and smoothly when your needs change.
We will take into account your equity, cash flow, and other aspects of your risk profile in assessing whether to grant you a refinance.
Whatever your goals are for your investment property, we can help you achieve them with competitive financing. To find out how we can work with you on your investment loan refinance in Florida, please give us a call at (786) 220-1100.