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Updated 5 months ago,
Seeking financing Advice
My business partner and I purchased a 4 plex property in Grand Rapids Michigan.
we had a friend of the family finance the purchase with a 2 year loan at 8% interest. The property is a complete gut/remodel. We are self financing all of the repairs and have completed 2 units after 8 months. We are self performing the entire build with exception of mechanical sub contractors. ( I own a home remodeling company)
We are getting to the point of being maxed out financially and will need to restructure the deal somehow. In order to complete the project we will need another 100k roughly.
Do banks offer a type of loan that will allow us to pay off our investor and finance the remaining repairs?
Will they allow that with a form of construction loan?
My original plan was to cash out refinance at the end of the project but we need additional funds to finish like I previously stated.
Or will a HML provide us a loan just for what we need to finish, then we could cash out refi?
not really sure how to proceed so any advice would be appreciated thanks.