Additional funding needed for a flip (quesiton)

[Eric Michiels]

I'm working on 2 houses that due to unforseen circumstances I will need $10k more for each house.

In your experience if I reach out to my hard money lender can they increase the rehab amount on the loan? For some reason I doubt that's possible because we have a set amount and we've already signed all the paperwork. What options do I have besides coming up with the money myself?

Anybody else ran into the same situation, any advice would be appreciated.

Thank you

Eric Michiels

[Matthew Crivelli]

They will not give you more. The rehab money you signed on was put into escrow waiting to be drawn, you signed on a specific amount. If it's 10k and the project is nearing completion you could use credit cards. Open new cards that offer 0% annual rate for 12-18 months. Once you get the property fixed up sell or refi and pay off the balances with the proceeds. If you're into a nightmare of a situation then this would be very risky and you may want to cut your losses and not go further into debt.