Interesting Deal. Feedback Welcome!

[Jay Scott]

I am working with an owner who is behind on his mortgage. He does not want to sell for at least another 2-3 years. He owes approximately $2.2 MM, which includes his back payments. ARV is $3.4 MM - $3.6 MM conservatively. Primary residence. Property needs some updating, but otherwise minimal work required. Hot neighborhood. Located in Miami. He and his wife went through some health issues, but he is getting his business back on track now. He wants to refi, but can't due to credit being in low 500's. In addition to being an Investor, I also work for a Private Lending Company that does extremely creative funding deals. We recently rejected this only because the underwriter wanted to see more equity. If he wanted to sell, this would be easy. I would do it myself. He is very firm on not selling right now. I am thinking maybe a Loan Mod? I took the last 5 years off from Real Estate, and am just getting back in, so I am still familiarizing myself with the current market. Anyway, I welcome ideas. Thanks!

[Jay Scott]

Thanks Dominic, you gave me some ideas to think about.