We need a true hard money lender?

Question

A friend of mine wants to buy a condo but can't get financing because of the situation of the condos:

- Most of the condos have no HOA or it's no longer active

- There are 3 total units in the building. Another one he saw has 6.

- They are listed for $50-70K.

- They are assessed as of 2008 at 4 times the listing price.

- The other units are vacant or rented. Not owner occupied.

Because of these conditions he can not get conventional lending. On top of that:

- His credit is good but he has a lot of revolving credit.

- Because of that he has a 30% debt to income ratio.

- He currently pays $1000 in rent alone so he wants to buy one of those units so he can stop wasting money on rent.

What he needs is a hard money lender that will look at the property and lend him maybe $40-50K. That will allow him to pay for a place to live and pay down his debt. But we can't find anywhere that will do that even at a high rate. All the so-called "hard money lenders" we found go the same route as a conventional bank, pulling his credit and all and generating all this inquiry on his credit report.

Time is of the essence because these properties are really good ones that are being liquidated and the good ones are selling like pancakes with every passing day.

I'd appreciate any lead you may have.

Thanks.

Answer 1

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Answer 2

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Email:[e-mail]