(edit existing post): Duplex in St. Louis (63104) — seeking SECOND-POSITION Lender
(edit existing post): Duplex in St. Louis (63104) — seeking SECOND-POSITION rehab lender + GC referrals
Update for clarity after some great responses — one detail that shapes the whole deal:
The property carries an existing first mortgage at a fixed 3.25%, current, and I intend to keep it. So I am NOT looking for a cash-out refi or a first-lien bridge — I'm looking for a SECOND-POSITION rehab loan (or creative non-lien structure) behind the existing first.
THE DEAL:
• Duplex, two 2BR units — 2612 Ann Ave area, 63104 (Gate District/McKinley Heights)
• I own it; existing first at fixed 3.25%, current, staying in place
• Rehab partially complete; remaining scope roughly $50K–$75K to finish both units to HQS/NSPIRE spec
THE EXIT (for the second):
• Both units to voucher-supported tenants at HUD FMR — ~$1,215/unit, ~$2,430/mo gross; nonprofit placement partnership in final coordination, SLHA HCV as backup
• Second retired from stabilized cash flow or replaced with a term second-lien product after seasoning — first mortgage never touched
• Low fixed payment on the first means stabilized income covers both liens with real margin
ABOUT ME: Army NG veteran, Director of Capital Expenditures by day (BSEE/MBA) — I manage contractors, scopes, and budgets professionally. Virginia-based, so I need a strong GC on the ground. Credit mid-rebuild; looking for asset/income-based underwriting.
THE ASK:
1. Who funds small-balance SECOND-POSITION rehab loans on non-owner-occupied 2–4 units in St. Louis City? (Or creative alternatives — contractor JV, private note — that leave the first alone.)
2. GC referrals for a 2-family finish-out built to voucher/HQS inspection standards.
3. Anyone leasing to voucher programs in this corridor — lessons learned welcome.
Happy to reciprocate on anything CapEx/procurement/construction-budget related — it's my day job. Thanks, STL. — Steven