To be considered, you are in imminent danger of default, you have no equity and you have no reserves to service the debt.

The danger in Lonnie deals besides Dodd Frank is that all applicants have to be screened and approved by the park office/ manager.  

If they had a car loan and was in danger of repossession, you'd want to buy at a big enough discount to justify the hassle of either paying off or curing the back payments.

Any properties that you want to put under the loan has to be put into a separate/distinct entity that you only put these properties under.

In the discussion that ensued he laid out property condition spectrum with three distinct points of reference: Fully Performing; Value Add and Rehibilitation Condition.  

The key distinction is the bank, since it makes it's own guidelines can waiver from those with more autonomy.  

The worling conditions mix danger, monotony, and lonliness into a lethal combination. 

This method or tool will allow us to place a resident in the property who for whatever reason can't qualify for traditional financing yet, but would like to enjoy ALL the Rights of Ownership yet avoid all the inherent dangers of Seller Financing Schemes such as Sub-to, CFD, AITD, Lease Purchase, Lease Options, etc.

It is a fine distinction, but it depends on the type of closing you have.Final Word of Advice...No matter what, keep in mind that your Broker is the one who has to ultimately keep the lights on.. pay the Errors and Omissions Insurance, the staff, the Internet,  and other things to keep a brokerage open and functional. 

But hard money lenders, particularly those that lend on real property such as real estate, are distinctly different from pay day lenders.