Looking for a short-term construction loan ASAP

[Kathryn Wiegrefe]

I'm in the construction process with 3 houses in Cape Coral, FL. I have a hard-money loan that is coming due Feb 1 and I'll be charged 1% of the total loan balance to re-up it for another 6 months. I've been paying through the nose for interest-only payments on the construction loans and it's painful to have to pay an additional 1% when we're this close to the end. The houses are within about a month of completion and I'm looking to see if there's a cheaper option out there that I could jump to for the remainder of the build process and until the houses are sold. (We plan to 1031 them.) The loan amount is about $750K total between the 3 houses. 

[John Morelli]

Pay the 1% extension fee, there isn't an alternative option that will be even remotely close in total cost for short term financing (lender fees, title, etc).

John Morelli