Refinancing out of Bridge Loan
I have a duplex in northern Detroit, Michigan (near Wayne State) that was recently rehabbed and is fully occupied. Tenants are great and on time with rent payments. I have a bridge loan that is set to mature soon and need to refinance asap. I was able to get approved for a loan but need to bring $25K to the table which I do not have. Hoping to partner with an investor and give up a large portion of ownership or transfer title to their LLC to successfully refinance and avoid any legal consequences. What can I do or how should I go about solving my bridge loan issue? Is a land contract an option? How can I find investors that may be interested in this opportunity?
Most Popular Reply
Like Jay, I'm struggling to understand the details.
You have a bridge loan... for what amount?
And what did the property appraise for currently?
The only way I understand this is if the LTV on the appraisal is ~$25k short of what you owe on the loan. Is that right?
Giving us a full picture of what's going on here would be helpful.
For example, what did you purchase the property for? What did you spend on rehab? How much was financed with this bridge loan (and on what terms) vs how much money did you put in? What's the current appraised value of the property?
Nobody will be much help until we know the full picture.