I need some advice Please

[Emmit Giddings]

I have a house in North Carolina that I have flipped. I purchased the Property January for $220,000 with a combination of hard Money 198,000 @ 9.5% + 2 pts.

I have a private money loan @ 60,000 @ 8%. The property was finished and listed in March for 369,000 have dropped the price monthly and I am now at 320,000. My issue is my hard money loan comes Due September 12 or goes to 26% interest. Is there any thing I can do to get out of the hard money loan before I get killed with Interest. My payments are $1,560 a month (interest only)  I do not have a problem making the payments now .The Private money loan is not a big deal it is a friend of mine and does other flips with me. I can not go to traditional lending to get a loan. The Property is at 1948 Cornerstone Dr Winterville NC 28590 if someone wants to check it out. Any Advice will be appreciated. I am running out of time and the noose is tightening.

[J Scott]

Why not price it correctly and get it sold?  

We're at that time of the year where prices are going to be decreasing over the next few months, not increasing.