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Updated over 6 years ago on .

Account Closed
  • Lender
  • Northbrook, IL
12
Votes |
32
Posts

Mezz Financing or 2nd Mortgage

Account Closed
  • Lender
  • Northbrook, IL
Posted

I have a project in Chicago that is a 3 flat the I just finished gut rehabbing and it now has tenants in all units. My total cost with holding and construction was $925,000 roughly and I am getting a loan to refinance my HML of $640,000.

However, my initial capital raise was only $187,500 and the overages of approximately $170,000 have been put on personal credit cards and I need to find a way to refinance those at something more sustainable. I need something somewhat short term until the rents have been seasoned for 3-6 months so I can do a final cash out refinance. Is anyone aware of any firms or anything that will provide a 2nd mortgage up to let's say 80% LTV and 85% of total cost?

Thanks,

Zach