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Updated about 5 years ago,
Flip refi to rental, high LTV
Hey BP community, I am in a bit of a pickle. I currently have a flip on the market in Denver that is not selling and hard money note is due in about 90 days. Here is the breakdown:
1st position loan at 2/12 - $486K
2nd position loan at 0/10 - $25K
3rd position loan at 0/10 - $27.5K
Personal money in the deal - $30K
Totals are about - $568,500
Value of the property is about $600K
Looking to refinance the first loan to a lower rate and rent it out or seller finance the deal. I can keep the second and third position loans in place, but would like to get the personal $30K out
Does anyone have a recommendation for a bank or private lender that will finance around $520K+ (86%LTV) on a rental??? TIA