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,

User Stats

104
Posts
29
Votes
Lauryn Meadows
  • Ironton, OH
29
Votes |
104
Posts

Finishing renovation/ need $50,000 unsecured LOC. HELP!!

Lauryn Meadows
  • Ironton, OH
Posted

Does anyone know of private money/ hardmoney/ credit card companies that will do an unsecured LOC for $50,000?

I have an 8 units mixed portfolio deal that I’m BRRRRing. I’ve completed half of the rehab and need an additional $50,000 to finish. This property has two mortgages so I really need unsecured. I have been preapproved for the refinance of these properties in May and can pay off the $50,000. My private money lender backed out last min. Here are some numbers. 

Purchase price $250,000

Portillo loan $200,000 

Owner financing on $50,000 

Appraisal before renovation $373,000 

Total renovation budget: $100,000

ARV low end: $480,000

ARV high end: $550,000

Refinancing in May for $380,000 

Paying off 2nd mortgage ($45,000 after paydown)

And ($50,000+ fees for remaining renovation) 

Loading replies...