Creative Financing option on a Flip

[Armand P.]

Hello BP!

My partner and I just completed our first house flip in Vegas NV. We went through a Hard-Money lender for both the loan and rehab cost. Unfortunately, this project took much longer than anticipated. The property has been on the market for 40 + days now and we just made a price reduction. 

The issue we are facing now is our loan period ends middle of next month, which after we will be subject to pay extension fee and possibly high interest rate. 

We're thinking of delisting it and applying for a DSCR loan to pay-off existing loan with a cash-out refi. We would than look for a tenant to rent for 2-3 years (lease option) and re-coup the rest of the funds at that time.

Any suggestions or recommendations would greatly be appreciated! Feel free to reach out

Thank you,

Armand