Hard money and concern

[Samson Tefera]

I took out a 1 year hml on my second flip, thought the project would take 3 months to complete, instead it took 6 months and I will be listing the property for sale shortly.

I am concerned as to what would happen if I am unable to sell the house before the hml is due in full.

The hard money lender has assured me that for a fee, they could extend the loan, but I don’t see why they would since taking over the house would make them larger profits that extending my loan until I sell the property. 

Also, what happens if the loan is due while a property is under contract pending?

And lastly, the loan is under my llc, and I would like to, if property does not sell, refinance under my llc instead of my name, and I can't seem to find any lenders that will refinance & keep the loan under my LLC.

Thank you