Financing Structural Repairs on Recently Purchased 6-unit

[Dustin Turin]

Hi folks,

I recently purchased a 6-unit residential apartment building using commercial financing and 25% down. Of the down payment, 70% came from a HELOC on my primary residence (owner occupied 3 unit).

Unfortunately, it has come to our attention that there is a foundation issue that needs to be addressed at some point — we’d like to do it in the next year. Estimated cost of repairs is between 30-50k (building was purchased for 875k).

I am looking for ideas on where we could come up with this money. We've got 10k left in our HELOC.

- Should we go to the lender that holds the mortgage — any chance they would make it easy for us to get the extra money since it also protects their security in the loan (the building)?

- FHA Title I home improvement loan — not sure if this can be used on an investment property with commercial financing?

- Other ideas?

Thanks!

Dustin