There’s often a misconception that a hard money loan can not be refinanced. However, you do have options even when it comes to hard money loans.
There can be plenty of good reasons to refinance these types of loans. Consumers are facing challenges with all types of loans including mortgages, the increasing student loan debt crisis, and private loans. This makes refinancing a smart move for loan holders looking to improve their monthly payments and avoid defaults.
Here’s how financial experts can walk you through refinancing a hard money loan.
Can A Hard Money Loan Be Refinanced?
Hard money loans can be refinanced. They can be refinanced through both hard money lenders and traditional lenders. A hard money loan can come with plenty of options for refinancing depending on the terms of your particular loan.
When Should You Refinance A Hard Money Loan?
There’s plenty of reasons to refinance a hard money loan. It all comes down to your financial circumstances and the goals you have for your project. Plenty of real estate investors choose refinancing as a viable option for adjusting their overall portfolio and assets.
- You need more time to complete the project or the sale of a property
- You want to refinance your terms for better interest rates
- You need to open up funding for your project
- You can’t wait for a conventional loan and need funds quickly
Benefits Of Refinancing Hard Money Loans
There are several benefits for refinancing your hard money loans. The biggest of these have to do with improving your immediate financial situation. It works like this.
Refinancing your loan buys you more time and improves the situation for your investments. You can get extra time to complete a project before a loan comes due or lower your expected interest and payments. It’s all about improving your overall financial situation to open up your funds and let you complete your projects without being burdened by loan terms.
This is your financial outlook and refinancing can give you more options and more money down the road.
How To Qualify For Hard Money Loan Refinancing
In order to qualify for refining, you’ll need to have a few things in order. You’ll need all your documentation from your original loan, a strong financial plan in place, and a credit score that works with your refinancing lender.
The professionals at IMC Money can walk you through this process.
Refinancing With Professional Help
Refinancing a hard money loan is the right choice for your business. It frees up money and lowers future financial burdens. Get in touch with the loan refinancing team at IMC Money today to learn more!