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Updated over 3 years ago on .
Seeking knowledge on how to get 20k in second position..
Hey guys. Cutting straight to it. Where is a good place to look to find 20k in funding for that won't be in 1st position. The senior debt will be n first. But I can't find anyone who will lend in second.
6 houses in Petersburg. Purchase 310k -
190k renovation.
Total project cost 500k
Down-payment is 75. I have 55k and need to find a company that will lend 20k so I can close my deal. Again they have to be willing to take 2nd position.
I cannot offer 1st position liens because the senior lender paying for renovations and most purchase will be in 1st position.
Closing set for October 4.
- My most recent flip was 15710 gary ave, Chester va. July 22,2021
110k profit. -
any guidance would be appreciated