second loan extension and I might not finish- what would be my options?

[Carlos Pelegrina]

Calling for a friend:

I’m in the process of converting an old house in Delaware County, NY, into three apartments and a small commercial space. It took me a while to find the right team, which delayed the project.

I requested a 3-month loan extension, and now I’m asking for a second one. However, I’m concerned I won’t be able to complete the project within this second extension, and I’m not sure if another extension will be possible.

Is anyone familiar with refinancing options in this type of situation? I don’t think a traditional bank will take it on, so I may need a hard money lender or private lender. It’s not a huge loan, but I don’t want to risk losing the property over just a couple of extra months.

Any advice, contacts, or guidance would be greatly appreciated.