option to a conventional construction loan?

[Evan Glasco]

I just recently purchased a duplex, which needs some cosmetic updates. Kitchen, bathroom, new lighting and flooring. I also own a single family house, with our two kids at home, my wife is now a stay at home mom/teacher/superhero. We have almost 100k in equity and were considering selling our primary residence and shrinking into a level of the duplex. Long story short, we realized we would only clear 40k (after the payoff of our solar system, broker fees and closing costs) so it seems as though its not worth the trauma of moving.

I am tapped out financially but purchased this property at 240k, 30k down so i owe $210k with interest only payments of $960/mo to the previous owner for 24 months with an ARV of upwards of 430k. All i need is $50-60k (which includes two new HVAC systems, remodeled bathrooms, kitchen, and new flooring. The exterior is in nice shape and was recently painted and new windows were installed) To complete the rehab and finance out with a conventional 30 year fixed loan. I thought I could pull out a construction loan but due to COVID they have temporarily closed that avenue.

I looked into a HELOC, but according to the bank i talked to, they consider the purchase price of 240k the current value for the next 12 months and can only lend 70% of that... doesn't help.

I do not believe i can pull out any more personal loans, and am looking for a way to borrow against the property to cover the holding and renovation costs.  Does anyone have any experience with this?