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Gene Paniccia
  • Realtor
  • St. Petersburg, FL
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Refi help in with Cleveland duplex.

Gene Paniccia
  • Realtor
  • St. Petersburg, FL
Posted

I'm hoping someone can give me some guidance here. Last year I bought a duplex in Cleveland intending on the doing a BRRRR. The loan was due in June. 2 months before it as due, I started to work on refinancing the property. I owe $77,000 and in order to secure another loan I need a valuation of $94,000. I have two appraisals. One is for $93,000 and the other is for $68,000. I really don't want to lose this property but the lender who currently has the loan has zero options for me. They told me to reach out to a private lender, I don't know any personally. Any ideas are greatly appreciated.

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Erik Estrada
#2 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
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Erik Estrada
#2 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
Replied
Quote from @Gene Paniccia:

I'm hoping someone can give me some guidance here. Last year I bought a duplex in Cleveland intending on the doing a BRRRR. The loan was due in June. 2 months before it as due, I started to work on refinancing the property. I owe $77,000 and in order to secure another loan I need a valuation of $94,000. I have two appraisals. One is for $93,000 and the other is for $68,000. I really don't want to lose this property but the lender who currently has the loan has zero options for me. They told me to reach out to a private lender, I don't know any personally. Any ideas are greatly appreciated.


 That's a very tough spot to be in. Have you tried doing a Rebuttal on the appraisal? 

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