Looking for advise on how to proceed with the change of plans on an investment single home purchased over a year ago. I created an s-corp to use for doing home flips about a couple of years ago and have done a few flips as planned using hard money loans. However, there is one flip that is taking longer to sell and so I am considering alternatives. It's a single family home with an estimated market value of $470k, and I have a hard money loan on it of $285k, which has already been extended 3months (and paid the extension fee on it) hoping it was going to sell, but it hasn't. So, while trying to still sell the house I am considering plan B which is getting a new loan (under the s-corp) for about $410k that would be more beneficial in the event it does not sell soon and I end up keeping it for a few years if not more (long term rental investment). So my question is what would be a good type of loan to get for this situation? The purchase was done under the s-corp, so the new long term loan would have to be under s-corp... Would a loan broker be the best option? if so any suggestion on one in the southern California area? Any help/suggestion is appreciated.
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