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Updated over 2 years ago,

Account Closed
  • Real Estate Broker
  • Connecticut
0
Votes |
3
Posts

Trying to access $300,000 equity, I built. Is there any solution?

Account Closed
  • Real Estate Broker
  • Connecticut
Posted

Hi everyone. 

I leased a warehouse 2 years ago with option to purchase. I finished renovation and 3 months ago I found a hard money lender to purchase the building. I couldnt get any cash out. It is going to be a self storage. 16,000 sqft gross area and 12,000 rentable area with $12,000 potential gross income. Total investment so far $150,000. Current mortgage: $400,000.  Appraisal value done in June 2020, as-is $735,000 and after complete $775,000. Complete means build another 33 units which cost me $50,000 to do it.   My credit score 620, all credit cards maxed out.  Looking for a cash-out refinance or $100,000 loan with second position. If not doable, so far it is not, any other solution you may think of ? 

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