Hard Money Unique Situation

[Rene Vizcarra]

Hello, Looking for any helpful information on my unique situation:

Purchased a home to fix and flip. It's a larger home and a big project in Colorado. The purchase price was 845k and the rehab was going to come out to 380k with an ARV of 2M.

During the process, our contractor unfortunately took our deposits and did not complete the job. We have a maturity of the Hard money note coming up Next week and need to find a solution.

With hard money interest, the total note will be about 980K.

We have an offer from another hard money to refinance however we would still need 500k to satisfy the first note. This offer would also give us enough capital to finish the rehab through a construction loan and draws.

However, we are also not opposed to having another team come in and complete the job if we were to find the additional 500k.

Just looking for guidance or anyone who has had experience with this or hard money companies that can offer the full amount to refinance this current loan.

It's a great property with a lot of upside but unfortunately was put in a difficult situation. Can send a portfolio and more information if needed.

Thank you,

[Chris Seveney]

Quote from @Rene Vizcarra:

Hello, Looking for any helpful information on my unique situation:

Purchased a home to fix and flip. It's a larger home and a big project in Colorado. The purchase price was 845k and the rehab was going to come out to 380k with an ARV of 2M.

During the process, our contractor unfortunately took our deposits and did not complete the job. We have a maturity of the Hard money note coming up Next week and need to find a solution.

With hard money interest, the total note will be about 980K.

We have an offer from another hard money to refinance however we would still need 500k to satisfy the first note. This offer would also give us enough capital to finish the rehab through a construction loan and draws.

However, we are also not opposed to having another team come in and complete the job if we were to find the additional 500k.

Just looking for guidance or anyone who has had experience with this or hard money companies that can offer the full amount to refinance this current loan.

It's a great property with a lot of upside but unfortunately was put in a difficult situation. Can send a portfolio and more information if needed.

Thank you,

I am confused. How many loans do you currently have? How much is the current lender willing to give you?  How much is left to finish construction?