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8
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2
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Jonathan Norris
2
Votes |
8
Posts

Stuck in a bridge loan

Jonathan Norris
Posted

Hello All,

I am trying to refinance my home in Roseville, MI from a bridge loan into a rental loan. Unfortunately, the home appraised for less than expected. I now have to come out of pocket to have it refinance. My friend is willing to refinance it into his name, because my credit took a hit. The problem is that I have to come up with $33,000. The home appraised at $148,000 and I owe $132,000. It is currently rented for $1550 a month. I have a home in Lancaster, CA that has some equity. I am looking for the best option to get out of this bridge loan. I cannot afford $33,000 at this point. Are they any private lenders that can help in this situation? Real estate crowdfunding? Any loopholes? I have two months to come up with a solution due to my extension.

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