Any HML lend on a second position?

This is a good deal. I am trying to obtain financing for a student housing project. Total construction costs approx. $1 million. Local bank will do an 80%LTV, and I’m trying to find someone to come in and do the 20% 2nd. After construction and lease up I’ll refinance the property and buyout the 2nd. Upon completion the property will be worth about $1.2-$1.3 million. If ideas or suggestions or ideas let me know. Thanks.

I really highly doubt you will find a HML that will do a second position, they generally like to hold a first position. Also, if you are in need of a second you are probably way over the maximum LTV for a traditional HML, especially in this tightening market.

I don’t know of any HML that would go up to 80% LTV on the first, let alone going to 100% LTV and taking second position.

Have you considered finding a rich uncle and setting up hard money terms with him? :biggrin