Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago,

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