Given your situation, you might want to explore refinancing options or a home equity loan to cover the renovation costs.

What concerns me is any lien that would prevent me from refinancing the property.Thanks,Matt

I can't seem to get passed the first step with mortgage company to transfer without refinancing.

Did a gut renovation on the 2 unit, refinanced to clear the lot of lien, and then used the equity in the lot to BUILD A GROUND UP SINGLE FAMILY house that sold for $1.1M.Then did a 1031 EXCHANGE for a 19 unit building in Cicero...Now building a Chicago General Contracting business because I love renovating and helping other real estate investors reach financial independence!

>>>>>>>>>>>>>>>>>>>>>Multifamily bridge loans:Loan Size:$1 million and upLoan Term:Short-term, typically ranging from 6 months to 3 yearsMost common range is 12-24 monthsExtension options may be availableInterest Rates:Higher than permanent financing, often in the teensRates vary based on creditworthiness and collateralGenerally 7-10.5% for multifamily, 15-24% for other commercial propertiesAmortization:Typically interest-only paymentsMaximum Loan-to-Value (LTV):Up to 75% of total project costCapped at 70% of the completed or stabilized property valueFees:Origination fees, legal fees, closing costs typically 1.5-3% of loan amountFees can include appraisal, administration, escrow, title policy, and notary chargesOther key characteristics of multifamily bridge loans:Fast closing process, with funds available quicklyEligibility based more on property value than borrower creditOften used for acquisitions, renovations, lease-up, or repositioningProvided by private lenders, venture capital firms, and commercial real estate lendersNeed to be refinanced or paid off quickly via sale or permanent financing>>>here is how extension options can impact the overall cost of a multifamily bridge loan:Extension fees: Exercising an extension option on a multifamily bridge loan typically requires paying an extension fee to the lender.

If that is the case, how does the refinancing work?

For Cousin A, this could involve cash-out refinancing to access the equity they need.

Remainder was raised through local REIA members and debt will be refinanced out at end of this year.

However, the home is in an A-class area that is rapidly growing and could prove profitable once the property could be refinanced at a lower rate.

If the balanced is refinanced into a conventional loan there would need to be enough value in the property to meet the lenders CLTV (combined loan to value) underwriting requirements.