Hope this helps you get started, and good luck with your first property! 

You're off to a bad start if you must create a poor perception of other options to make your concept look good.  

If you are able to actively use the funds I would say start a real estate marketing company with it. 

BUT, the time to START acting is likely now.

Maybe one the contributors on BP will see your message and start something like that.  

Freddie SBL offers 5-10 year fixed rate options, as well as 10-20 year "hybrid ARM" options which start with an initial 5-10 year fixed rate period, followed by a 5-10 year floating rate period.

A foreclosure initiated by Ocwen won't touch your credit at all as you are in a second lien position and not a direct holder of the loan/mortgage.If the foreclosure starts you might be able to recoup the money or lose it.

So I am starting the loan process over again, for the third time.  

Lease options, and there are a variety of types of lease options, can be a good starting strategy for many aspiring investors. 

Quote from @Rene Hosman: Quote from @Kerry Noble Jr: I started doing some lending last year......Bridge loans.