DSCR loans are not that low and regular hard money loans will be in the double digits.

I locked a DSCR loan yesterday at 6.385%, 75% LTV.  

Did you try a local CU or bank for a construction to permanent loan?

@Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan. 

By definition, these type of loans are not the same quality as what is traded on wall street. 

Instead of a traditional down payment, I would give them some money (maybe just to bring the loan back to even).The upside if taken over the loan at the current balance, with some rehab and hopefully getting the front lot back would be a nice ROI. 

If he has a $5MM loan in place, what was that used for / is it coming due/ was it short term/ etc.?

@Ashish Acharya I have found that I get better terms for personal loans. 

What’s the purpose of the loan and what is the collateral?

You don’t have to pay $20k+ to learn to broker loans.