Hi All,
I need to make a decision soon on this. I've run into a situation on a historic house renovation I'm in the middle of.
My hard money lender cannot extend their loan for personal reasons. They said they are more than happy to speak for the good standing of my account. I'm mid project and need around $203k to cover the hard money. I'll refinance in February/March when the project is complete. I can fund the remainder of the rehab out of pocket. My wife makes about 33k a month from a steady income job. I can show retirement accounts for liquid if needed.
I have one offer on the table from a lender willing to also fund the rest of the project. See details below.
Property is in Kansas City, MO 64111
The plan is to turn this property into a duplex midterm rental because of its vicinity to KU Medical center. Current state is a 4 bed 2 bath (two units - bottom 2 / 1 - upper 2/1). After renovation it will be a 6/3 (two units - bottom 2 / 1 - upper 4/2).
As is value - 300k
ARV - 575K
So what do you think, is below the best I'm going to get mid project?
