Need Help on a flip house deal gone bad!

[Chris Ufomaduh]

I bought a flip property in Houston, located in the 77063 zip code. Rehabbed it from the underground plumbing to the roof, everything is new. Had set backs from the City on get permits so I lost 6 months and the market changed. So now my Hard Money loan is about to mature and need a way out. Trying to sale is my main goal or refinance it but my DTI is high and I don't qualify.

Anyone looking for a long term investment property for rental or vacation rental OR ideas PLEASE?

Thank you!

[Scott E.]

I'm here to echo what @Jacob Sloop said.

Hard money lenders (or any lender for that matter) are not in the business to foreclose on borrowers. If you call up your hard money lender and explain the situation, they will likely extend your loan another 6 months for a couple of points.

Another option is to throw a tenant in there and refinance using a DSCR loan. You say your DTI is high but that doesn't matter if you're doing DSCR financing.