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Updated about 9 years ago on . Most recent reply

User Stats

14
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0
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Shane Hetzel
  • Investor
  • Medford, MA
0
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14
Posts

Construction Refinance Loan

Shane Hetzel
  • Investor
  • Medford, MA
Posted

I am in the final stages of my first real estate fix and flip project. I have a conventional mortgage note on the property, and to finance some of the construction so far, I have drawn out several personal loans. I need another approximately 80-90K to finish the project. I have heard about options where I could do a refinance based on final ARV, so that I could incorporate my existing mortgage, pay off the personal loans, then draw out enough cash to complete the project. Can anyone give any more guidance on this option? I really need something with a very quick turnaround, and do not have a deposit to put down due the fact that I have been so drained by financing this project to this point. Any guidance or suggestions would be greatly appreciated!

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