Gordon Cone
Both Buyer and Seller
Sykesville, MD

Started doing some repair work (only thing I have done is pull out carpet inside and some outside stuff) and realized I am in over my head. Went to refinance to complete the repairs and do some improvements. Found out that because he carpet is gone the property is considered under construction. I went for a renovation loan. I owe 266K on existing mortgages (first and second) and I have 50K of repairs and improvements I want to do. The appraisal (which supposedly took into account the work I was going to have done) came in at 380K. The appraisal seemed very low to me, but this market is pretty crazy. The max LTV is 80%, leaving me with a max loan amount 304K. I needed a loan amount of 316K ( for renovation reserve, fees, etc). So I end up being 12K short.

I’m working on several ideas to get this done, but wondering if there are options I am not thinking of.

My credit is very good. I forget the exact number they told me. I am pretty sure it was above 740.