Hello all!
Do any of you guys have any recommendations on gap funding or good second position lenders? Here's my situation, but a little background first:
I've owned up to 10 rental properties at one time before (mainly buy-and-rent here in Charlotte) for both long-term rentals and short-term, and have done well. I've sold a few of them this past year (Charlotte home values went sky high) in order to free up some time and energy to put into a mansion/wedding venue that I bought back in April. Running this event venue and mansion is my main passion- we love it and the place brings in over $500k a year in revenue- so it comes before all my other projects.
I purchased this Manor back in April and put close to 50% down. It appraised in March 2021 for $2.715m and I owe $1.580m on it. I need to refinance out of my current bridge deal and into a new deal, but I can only get 50% LTV ($1.357m) from my usual lender since it's such a big property (10k sq ft), comes on 45 acres, etc.
So, I'm looking to see if I can find gap funder or second position lender to spot me $150-250k for 3-6 months until my other properties sell. I have two of them under contract right now to be sold in January and May 2022.
Let me know if you guys have any recommendations or advice, as I'm brand new to the second position world. Thanks in advance!
