All Forum Posts by: MADISON MCDANIEL

Hello All-

I am currently working on a deal for a friend of mine. He wants to pull $70k out of his property; he owns it free and clear. Here are some of his hurdles:

1. His credit is not good. His highest score is a 540.
2. He has a lot of small collections; however, I don't think that they are over $500 each for a total of $3500.00

His strengths are:

1. He is a disabled vet, and he receives SSI. He gets altogether around $3500-$4000 per month. He is willing to take some of the proceeds to pay off his debts.

He wants to close by Dec. 23rd; here is where I really need your help Bigger Pockets! Could anyone out there refer me to a nationwide residential hard money lender? The ltv on the loan is roughly 45-50 percent, and he is willing to pay 10-12 percent interest. He wants an interest-only loan for 12-24 months(long enough to clear his credit and build some at the same time). His exit strategy is to refi the loan at the end of the loan term. If anyone could please point me in the right direction, that would be wonderful! Thanks you all!

Madison :D :D