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Updated over 11 years ago,

User Stats

432
Posts
63
Votes
Shari Posey
  • Residential Real Estate Agent
  • Long Beach, CA
63
Votes |
432
Posts

ASAP--need to find a private lender or should I lend???

Shari Posey
  • Residential Real Estate Agent
  • Long Beach, CA
Posted

Here is the situation...a buyer is trying to buy an owner-occupied SFR with 45% down, mortgage amount of approx. $240k. Great credit, good employment history. The problem has to do with her lack of a working visa but she does have the right to work here. It appears she don't fit perfectly into Fannie Mae/Freddie Mac criteria. This seems like a no-brainer for a private lender. I have even considered making the loan but I'm a little short of $240k cash but I might be able to find someone to come in with me for the rest. My question is, how do I find someone who would be interested in making this loan and how fast can it be done? Also, if I can find someone to go in with me to carry the paper, is there someone who can help me write the loan (escrow?)?

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