Bridge, Temporary Renovation Financing Needed

[Calvin Quallis]

Hi, 

Investor here who brought a Southampton, NY property that requires extensive repairs. Purchased hoping to BRRR into a short term rental. Purchased the property in August for $1.895M with 21% down and did a DSCR with no prepayment penalty. The property needs $600K in repairs. I thought I had repair financing in place that fell through after I started the project. The project has started with total demo, some electrical and plumbing. I still have $450K plus maybe $50K in contingency costs to finish the project. ARV is roughly $3M. Property can rent for about $250K for the Memorial Day - Labor Day season.

I’ve done much smaller scale renovations in the past (~$160K repairs and flips on $300K - $450K projects). I’ve been turned down by a few lenders who say I don’t have experience turning around such large scale projects. This is despite my many smaller projects completed, my income and I have over $650K in liquid reserves. 

Anyone know of any lenders that can help get this deal done. I am also entertaining a HELOAN on my primary to get the funds to complete this project if you know of any lenders that will do a HELOAN on a 14 acre primary property in NJ.