I am in the final stages of my first real estate fix and flip project. I have a conventional mortgage note on the property, and to finance some of the construction so far, I have drawn out several personal loans. I need another approximately 80-90K to finish the project. I have heard about options where I could do a refinance based on final ARV, so that I could incorporate my existing mortgage, pay off the personal loans, then draw out enough cash to complete the project. Can anyone give any more guidance on this option? I really need something with a very quick turnaround, and do not have a deposit to put down due the fact that I have been so drained by financing this project to this point. Any guidance or suggestions would be greatly appreciated!
What is the total amount owed plus the Reno money to complete? And what is the ARV? I might have a source.
The total amount owed currently is about $726K, including existing mortgage and other small loans taken to date. I will need about another $100K to complete. Projected ARV is about $1.05M. Feel free to private message me with any info or details. I appreciate any help immensely!