As of today I own 13 doors; 3 of them UD student rentals and the rest in Wilmington.

Think of this;  if the buyer can't qualify for a bank loan,,,, why the heck should you stick your head into a note and mortgate noose??   

We approached the existing lender for a loan assumption.

Kieran, the best bet here is to refinance with a DSCR loan.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

Experience depends on who you deal with - the cleaner the loan file and more organized your paperwork the smoother the process with any private lender.

(Keep in mind there are Fannie Mae maximums on the number of personal loans you can have - which is 10 per person.

Is the loan assumable? 

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.