Refinancing a Private Loan

[Michael Lear]

Hi All,

I am coming to the end of the loan term for a fix and flip that I financed with a hard money loan.  Long story short, I used the wrong contractor and the property took almost 11 months to get on the market. The property has not sold and I am risk of default.  The property is finished.  Is it possible to refinance just to give us more time to sell?  Is it possible to switch to a rental strategy and get it financed that way?

Any advice would be greatly appreciated.

Best,

Mike