“Refinancing Hard Money Loans for the House Flipper”
They say I understand the language. Not sure that is 100% true. But I do understand that these hard money lenders want their clients to either sell the properties they have financed or refinance out of these loans so that their money can be loaned out again and again.
House flippers all want to get paid off in 6 to 12 months, but many times that doesn’t happen and these loans need to be renewed which they really don’t want to do. But to keep the relationship it is necessary.
Depending on credit and income this isn’t always easy. Some of these folks have large amounts of dollars going through their checking accounts, but the tax returns don’t always reflect the same kind of numbers. Fortunately we have a mortgage product for these clients. There is a solution. We can do a “Bank Statement” loan and not show tax returns at all. Interest rates run between 6% and 8% which is much better than the 12% to 14% for the hard money loan.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.