2nd Lien construction or rehab loan
Any advice, referrals, experience on where to look for this particular type of loan?
I'm seeking a 2nd position loan for a gut renovation on a rental property that I have owned for 4 years and will hold. While I know 2nd positions aren't a go-to for lenders, especially on a renovation, this could be a safe and attractive bet for the appropriate lender, or private equity. Any ideas / experience / recommendations would be greatly appreciated.
PROPERTY: SFR, 2bd, 2ba, 858 SF. Also includes a 250SF ADU. 8250 SF usable and with huge oak trees a desirable, touristy community and very low inventory
SEEKING 2ND LIEN LOAN: $200,000 (LTV ~60%)
ARV: 1,200,000 +
CURRENT MTG: 3% i, 498,000
STABILIZED RENT BEFORE DEMO: $4,800
ESTIMATED RENT AFTER RENO: $7,000 +
MY FICO: 800+
MY EXPERIENCE: 2 FIX & FLIPS, 2 BRRRs
ADD'L NOTES: The main house sustained fire damage that will require a gut renovation incl a new roof. We've gone through the process with the insurance company and have apx ~$250k toward the rebuild/renovations ($200k is currently with the mortgage company in escrow and another $50k earmarked for code upgrades, depreciation, etc). We plan to add 50 SF to current footprint for a total of 858 SF 2bd, 2ba. It's California...
I've filled out the lender form here and got flooded with inappropriate responses. Hoping for some guidance! Thanks in advance.