I just re-read and realized you're talking about getting loans for lien position 2, is that correct?

The sale failed and he still owns it.One of the potential solutions is to use an SBA 504 loan for the real estate. 

Hi @Vincent Plant,You've gotten some great advice on what to look for in a hard money loan.

If scaling quickly is your goal, DSCR loans are a great tool for the refi portion since there’s no 12 month seasoning requirement like conventional loans, and DTI isn’t a factor. 

What is the purpose of the two million low-interest loan to Seminar Solution LLC?

I have spoken to lenders about traditional financing and also DSCR loans.

My in-laws loaned us the total purchase price minus $5,000 on a 3% interest rate.

We bought a new primary house in November and had a rental contract on our old house that started Jan.1 2025. 

Also consider all lenders will require to review your insurance when underwriting a loan and it's likely a violation of your existing loan documents to let the properties go uninsured even if they didn't require insurance escrows. 

Ended up calling the Jersey City Division of Housing Preservation and in essence the entire home has to be in good order even if certain parts aren't accessible to guests.