Crazy problem - can we make this one work? - Posted by Pete K
Posted by Pete K on August 20, 2003 at 23:07:11:
I’ve got a friend who is in desperate need of help on a set of deals, and is also in need of a web connection. Here’s the situation:
His property is worth about $345k. It is a church, and because of this his previous lender got cold feet a day before closing. He has crappy credit (like a 570) and very low income, but has been making payments on time to the exisiting lender (under CFD) of about $2250 per month. He owes about 65% on the property, and wants to refinance, pulling $40k out to use on a few other deals he has brewing. He tried to obtain this refi from a local mortgage broker.
He needs to close fast on a refi, and to do so needs someone to either qualify for a loan, which would net this good samaritan a second and some money every month for being on the loan (for about 12 months), or some hard money lender that will give him some cash, or he needs some other solution which we have not thought of yet.
Unfortunately, he has a few properties under contract, and needs to liberate some cash by the end of the month to close these or he will lose the deals.
Any advice is greatly appreciated. I can get the exact numbers from him if it’s important. And no - this person isn’t me