How do I get out of a hard money loan?

[Jay Roque]

The property that I rehabbed hasn't sold yet in which I had to extend the maturity date with my Hard Money Lender. The problem is that I have to pay an additional 1.5% monthly on top of the annual interest payment which costs a lot to pay for an extension of a loan. I know that banks will not refinance fix and flip loans. Are there any other types of loans or companies that I can refinance with? Your help is greatly appreciated.

[Chris Mason]

Drop the price and sell it ASAP. That's your out. 

Keep in mind that it's the market that tells you market value, not what you paid the contractors or how pretty you feel the counter-tops are. 

Some flips go bad, the real world isn't HGTV. Sucks, but it is what it is.