Need Some Advice.... Messed up!

[Justin Codrington]

Hello

I been reading on here for years and I finally was able to purchase a my first property using information I learned on here. However I used all my me and my wife’s saving to purchase the property outright. I took out a hard money loan against the property, the lender didn’t feel comfortable give us the money we spent to acquire the property the property before we complete majority of the repairs. 

This was a major blow to our plans of having a safety net  as we had all our money invested in the property. I decided to still move forward with the project. I am now in debt to a contractor for about 10k.

Credit is to the max so getting any loan is out the question and I have 48 hours to get him the money before legal action.

I’m looking for any ideas to get back on track. I have only used 14k of the 72k construction loan.

Any advice will help thanks 

Deal analysis 

Purchase Price: $6,500

Renovation loan $72,000.00 (Drawn: $14,000.00 Remainng: $58,000.00)

Arv $120,000.00

Potential Equity: $58,000.00