Portfolio Lender South Florida

[Danick Joseph]

Hello everyone,

I came across an interesting situation recently and I'm in need of some advice. A close friend of mine has a SFH with about 300k of equity built in, owned free and clear. He is trying to pull out $140,000 out of the property by getting a 2nd mortgage, however because of his student loan debt his DTI makes it virtually impossible to obtain a conventional loan.

Have any of you guys faced a similar situation? If so how did you solve it?

Are smaller banks like credit unions likely to have the same DTI requirements?

Lastly, are there any portfolio lenders you guys have worked with in South Florida that might be interested?

Thanks in advance!