Banks do make unsecured loans BTW.

Because the property is worth $500k, so I guess unless he wants that money strictly for rehab (unsecured loan), or he wants to put only 10% LTV (not likely), then this situation wouldn't make sense, right?

well then what about proper or one of those sites.. there is NO private lender that is going to loan you unsecured money for a real estate deal .. unless its your warm market someone you know and that loves you.. thats kind of the reality of that.

I literally learned the business from the ground up - first construction, then worked at an equity syndication shop and now a commercial mortgage company - doing some principal investing along the way.Thanks to Carlton and a local "guru" to whom I "donated" over $15k (bootcamp and an unsecured promissory note before he filed BK).

The secured debt can convert to an unsecured one after the sale.Zaretsky had one client who was so relieved to have arranged a short sale that he signed every paper his real estate agent shoved at him, even a confession that clearly stated he still owed the debt."

Bk (13) wipes out unsecured debt and restructures secured debt, so, you take grant deeds on property with already restructured debt that have *positive* equity and try to discount liens further?

I have a couple $10K unsecured lines of credit at 5% and a HELOC through a bank, I also have a free cash advance $15K credit card that is at 8% which I have bought houses with before.

Plain and simple, when you buy the home you will either have to sit on it for 90 days or if you buy using hard money you will need to use your personal cash or get an unsecured loan to make the repairs and then sell it for actual profit 90 days later.

I also wanted to point out that Jon's number above was UNLEVERAGED since there was no bank money involved.

I am a lender on Prosper.com and it is legitimate and there are small real estate loans but they are unsecured.