On the other hand, this lender is also very picky, for example they require 100% liquidity of the borrower, meaning someone would need $3m liquid to get this $3m refi (& you don't get to count loan proceeds towards that liquidity).

This change is for ALL borrowers, regardless of income, who can qualify for Fannie Mae lending on a primary home.

Borrow money with interest from friends and family.3.

(Either ask a bank what you could borrow against it, or just pay an appraiser outright.)

I am willing to pay 20-30% down but borrowing at 7% to buy a property with 6% Cap rate does not sounds right.

Contrary to popular borrower belief, the mortgage business is actually more about people than numbers. 

Ensure they have robust risk assessment protocols in place.Ask how they assess borrower creditworthiness and property value.Examine Legal Documentation:Carefully review all legal documents, including loan agreements, investment agreements, and any other contracts you will be required to sign.Consider having a legal professional review these documents to ensure your interests are protected.Request References and Testimonials:Ask for references from other investors who have worked with the firm.

Requests for loans were most often made over the phone or in person with potential borrowers paying us a visit at our offices.

Draw schedule to be agreed upon prior to closing.Term: 1 YearFee to Lender: 2.5 points – ($13,125 paid at closing from loan proceeds).Interest Rate: 11.5% Interest-Only billed monthly on outstanding balance.Interest Reserve: $15,000 – approximately 6 months interest, paid at closing from loan proceeds.Once interest reserves are depleted, borrower to make interest-only payments monthly.Pre-Payment Penalty: Should loan be paid off prior to interest reserve funds being depleted, a pre-payment penalty will be charged equal to the amount remaining in interest reserves at time of payoff.Loan 2: Loan amount 490,530.60Lender Points: 3%broker points: 1%rate: 11.99%Term: 12 months (interest only)Prepayment penalty: NoneProcessing fee needs to be wired before LOI can be issued

But property and borrower, and anything else public record can be disclosed.