Help stuck in property limbo trying to get funding

[Chris Brall]

looking to do a line of credit with Finance of America Commercial for a property that appraised low because I had gutted the property which had hurt my appraisal but the ARV is worth it . should I look for other financing options? The purchase price is the loan payoff amount which can't be lowered at 143k the appraisal is at 108k because of the gut down to the studs the ARV is 280K the rehab budget is 40k. what are your thoughts? I only have 24k and would have to borrow the rest for down payment . tried to use a local hard money lender but the call got sent to Texas went through the process with them said I needed 64k down to finance the deal then was told only needed 50k in bank for a LOC of 500k. this has been over a month process as of 2/15/20 I have been making payments to the owner of the property for 6 months and want to buy them out for a number of reasons . my credit is good and I have a pension every month. sorry for the long post just a lot of moving parts PLEASE HELP..

Thanks Chris Brall