Bridge Loan with an Existing Mortgage

[Moses Jean]

OK so here's the deal.

Want to partner up with a current flipper who has an 1890s Victoria mansion that she is almost finished with. She's about 80 to 90% done with the project. She is currently running out of money or has run out of money here the numbers.

Acquisition: $350,000

Rehab (so far): $220,000 needs an additional $250,000 - $300,000.

ARV: $1,200,000. - 1,800,000.

All permits approved, historic Board has approved all plans. Rough plumbing, electrical etc is all done. The walls are all up! 

House is completely redone and reimagined with higher-end materials. Dog wash, movie theater, electrical, and plumbing are all done. Just needs finishing work.

Rehaber, reached out to me, and two of my colleagues to help out, and I have been searching for financing, but I have run into so many barriers when it comes to financing. Obviously, we would like to get the loan for the financing and the finish of the project and take a percentage of the sale and split it three ways. Even though some comps support the sale price, I have done multiple flips, my colleagues have done multiple flips we just can't seem to find any financing to just get this project done. I'm hearing a lot of lenders tell me that the current rehaber must bring $200,000 to the table and or they must have the first position on the current deed etc. Now I usually fund my own flips and very rarely use Hard money, but is this normal for anybody? I have just hit brick wall after brick wall does anybody know anyone that can possibly point our team in the right direction more than happy to chat offline Thanks for all of your help in advance.