Scenario:

Bed & Breakfast out of RI. I have appraisal at 3.3M. Current balance 1.4M in first mortgage.

Merchant is getting a refi for 2.1M but needs approx 400k-500k in the interim bridge loan or hard money 2nd for renovations/improvements.

Merchant does not have a commitment letter for her refinance / exit strategy yet. Total CLTV would be under 60%.

Merchant motivated, direct lenders, please.

Thanks.