Mortgage note as collateral For loan

[Jared Kuhn]

Hello Everyone, 

I am getting a mortgage note with a UPB of 60k, amortized for 6 years at 8% so the monthly payments are $1051.99. I would like to use it as collateral to borrow 42k from a private lender, interest only payments in the 8-10% range for 12 months. I will record a collateral assignment of the mortgage with the county so the lender has good collateral with lots of equity during the duration of the loan.

My question is regarding finding a hard money or private lender that lends with notes as collateral instead of just properties? It seems that most private lending companies are geared to lending against property. Has anyone done this, and if so, are there any suggestions for a lending company? 

Thanks

[Jay Hinrichs]

tough one most notes I have hypothicated lender would only go 50% of UPB