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