How would you finance this deal?

[Gerardo Villarreal]

Hi everyone,

I've got a property that I'm currently fixing up for a flip in Chicago - Avondale area. I bought the property with a conventional mortgage loan and recently began the renovations, financing them with my personal savings and credit. However, I know that eventually I will need additional capital to finish the work.

What options do I have? I've reached out to a few private hard money lenders but they want to be in the first position lien, which is currently occupied by my conventional loan. Do you know of any private or hard money lenders out there that would lend money just for the renovation cost of the property? Or maybe lenders that will take a secondary lien position?

Thanks!

Gerardo

[Chris Mason]

HELOC on one of your other properties. Then, once it's all done, optionally, refinance the subject property to consolidate that debt so it all "belongs" to the right property.