Stuck on the last R. Cashflowing, just need to refi
So, subject is an older mobile home 1966. Rehabbed property, I put new roof/siding/paint inside and out. I will not be able to purge/attach as real property to get conventional financing, as I had originally planned. No big deal, Have it leased out at 2300/month, i pay utilities, so it is cashflowing a bit. Bought it for land, it is very nice property in very good location, and bought it at land price, and having it rented out is frosting on the cake. It even included a coffee roaster so i have a side business doing that now!
3rd party Broker Opinion of Value is 350-395K, land only. Current hard money is 12 months at 11.5%, due March 2023. My mid credit is ~730 I am looking to get a 24 month at a MUCH lower interest rate, principal only. OR, partner to come in with 300K to build and flip, 200K in room?
I own property x street (primary) and would consider doing a portfolio loan, but have great terms on my primary.
Have approached a few private money people and they are intrigued but moving way to slow for me.
Any other ideas I am not thinking about?