Finishing renovation/ need $50,000 unsecured LOC. HELP!!
Does anyone know of private money/ hardmoney/ credit card companies that will do an unsecured LOC for $50,000?
I have an 8 units mixed portfolio deal that I’m BRRRRing. I’ve completed half of the rehab and need an additional $50,000 to finish. This property has two mortgages so I really need unsecured. I have been preapproved for the refinance of these properties in May and can pay off the $50,000. My private money lender backed out last min. Here are some numbers.
Purchase price $250,000
Portillo loan $200,000
Owner financing on $50,000
Appraisal before renovation $373,000
Total renovation budget: $100,000
ARV low end: $480,000
ARV high end: $550,000
Refinancing in May for $380,000
Paying off 2nd mortgage ($45,000 after paydown)
And ($50,000+ fees for remaining renovation)
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
time to hit up everyone you know .. or your local credit union.. no HML would touch this with a ten foot cattle prod
- Jay Hinrichs
- Podcast Guest on Show #222
