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Updated 2 months ago, 10/05/2024
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?