Looking for input on possible hard money loan refi

[John McNeill]

Hello all

I'm looking for advice on potentially refincing a hard money loan.

We purchased an off-market property in Seattle that closed back in January with a 12 month hard money loan. Our plan was to renovate the existing house and build a ADU in the basement. We will also be building a DADU on the property and forming a condominium association to sell each one seperately. When we demo'ed the basement we found that there was essentially no foundation and the best option would be to demo the house and build a new, modern and larger SFR/ADU.

We decided to proceed with the DADU constrution which when sold would pay off the loan.  The permit took longer than expected but we now have it and are ready to break ground.  We have the funds for the DADU construction but our loan will expire in January.

We applied for an extension but were denied because we have someone living in the house, mainly to prevent possible sqatters but I listed them as family.  So right now it looks like we need another lending option to finish the project.  We'd appreciate any advice

Thanks 

John