Urgent: Seeking Creative Solutions for Challenged Deal

[Darionne Valley]

Greetings fellow investors, I'm facing a challenge and am seeking creative solutions from anyone willing to offer suggestions. In June, I purchased a house in Austin, TX, using PML to cover 100% of the purchase price and renovation costs. A second lien with a 6-month term was utilized. Initially, the plan was to keep the property as a short-term or medium-term rental. However, complications arose during the refinancing process due to my credit being impacted by loans taken out for another project. This, coupled with reduced reserves and insufficient funds for a down payment, led us to change our strategy. We decided to list the property on the market, aiming to sell it within 2.5 months. Despite competitive pricing and efforts, the house remains unsold, facing challenges such as the presence of an electrical pole on the property. The looming deadline for the loan's maturity is December 15, a mere 13 days away. Unfortunately, I've depleted funds for holding costs and have been unsuccessful in securing a partner for a longer-term hold, either for rental purposes or to wait for a favorable market for sale. I'm urgently seeking alternative solutions to avoid losing the property and incurring further financial losses while still honoring my commitment to repay. Any assistance or advice would be greatly appreciated!

[Steve Vaughan]

@Darionne Valley

What is the balance of this 2nd lien?  What is the value of the property?