Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

80
Posts
31
Votes
Kevin Reinell
  • Rental Property Investor
  • Sacramento, CA
31
Votes |
80
Posts

Lender not allowing construction loan extension

Kevin Reinell
  • Rental Property Investor
  • Sacramento, CA
Posted

I’ve been working on converting a single family to a multi using a construction loan. Lender has extended the loan twice already penalty free of any fees. Now we’re right at the finish line with about two months of work left, and lender is only giving one month to complete the project.

Worried we won’t finish according to the bank’s timeline due to weather delays etc....in that event what can I do as a backup plan in case the full loan is needed to be repaid? ($120k)

I know I might be able to get lender to extend further by paying fees, but not sure what other options I have to mitigate risk.

If we finish project on time, loan will convert to principal and interest.

  • Kevin Reinell
  • Most Popular Reply

    User Stats

    80
    Posts
    31
    Votes
    Kevin Reinell
    • Rental Property Investor
    • Sacramento, CA
    31
    Votes |
    80
    Posts
    Kevin Reinell
    • Rental Property Investor
    • Sacramento, CA
    Replied

    @Matthew Crivelli thanks for the advice. I think if we get close enough to finishing and show good progress over the next month, I can’t see the bank being unwilling to extend, especially with paying the fee they set.

  • Kevin Reinell
  • Loading replies...