Not so hard, hard money

[Joe Young]

We are about 90% complete rebuilding our first rental property after a total loss house fire.  I shoe stringed the rebuild to this point - which will now be our primary residence.  (It is a waterfront home so I had to tear down and elevate due to fema regs)

We owe $182k on the original property and when complete will conservatively appraise at $700k...  ($750k if market holds)

Our plan was to get the house to CO, then HELOC to finish the other guest bathroom, Trim, do backsplashes and other "unnecessary" finishes.

Due to covid  my banker told me things have tightened up so they won’t loan on a house that’s not 100% complete.

Looks like my only option now is utilize hard money to Finish the house to 100% completion.  I’m ok with high interest and offering protection to the lender - however they are wanting to pay off 1st mortgage and loan me $280k...  (180 to pay off first and 100k to finish)

I’m looking for other options rather than convert my entire loan to high interest (less regulated) hard money.

Are there hard money lenders that will do 2nd mortgages?  

If so I'll use the money to get to 100% completion - then HELOC and pay back hard money.

I'll have cash early 2021 to pay off HELOC and get back in a good equity position - which I then can leverage for properties 2 through 102!

Thanks in advance!