How do I get out of a Hard Money Loan?

[Jay Roque]

The property that I rehabbed hasn't sold yet in which I had to extend the maturity date with my Hard Money Lender. The problem is that I have to pay an additional 1.5% monthly on top of the annual interest payment which costs a lot to pay for an extension of a loan. I know that banks will not refinance fix and flip loans. Are there any other types of loans of companies that I can refinance with? Your help is greatly appreciated.

[Adrien C.]

Challenge is whether you go with a bank (if you can find one but unlikely for a flip; maybe if you convert to a rental) or HML is the refinance is going to cost money upfront to close it. So you have to ask yourself if you're saving much by switching now vs holding out until it sells.

I think you're bigger issue is solving the sale issue. Why is it taking so long to sell? Price to high? My 4 flips this year have all gone under contract in 2-3 days.