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

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

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. 

@Michael Ewersi can only speak for what i've done as i suspect it varies by market. 

Name detection is via loan signatures.

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

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

No hallway is required, however here's the requirements that I know of.Minimum square footage: This can vary from state to state, 70 to 80 square feet is generally the acceptable minimum. 

With the FHA loan you won't need a huge amount of your savings.

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs).