Posted by Nate on February 25, 2001 at 14:48:39:
If you really have a hard money lender who will lend $150K, get the hard money loan and pay off the existing loan. Few hard money lenders would consider a second and I doubt the existing loan would consider subordinating (assuming it’s from a bank and not from, say, Uncle Johnny). And if you can get $150K you don’t need to keep the existing loan anyway. Sure, it’s at a lower rate, but you have no cash, so you kind of have to get what you can take.