Hello,

I’m over budget on a project and I’m looking into a short term loan situation.  Basically, I had a contractor squander some money and now am in need of $20k to $40k in order to finish the project.  There is already a hard money loan in place on the property.  My question is:  does anybody have any experience with a supplemental loan such as this?  Is there a name for such a loan?  Thanks in advance!

Not sure of the market lingo but I just call it second lien loan.

If you have enough equity in the house, then you can probably get a second lien loan on this though higher interest rate. Much fewer lender would do it compared to first lien.

Or you can also look at raising money by allowing for a short term loan against other collateral if you had a rental house

Thanks for the info