At ~100 days, lender lends $49,500 (75%) which is more than basis.

Also there's the possibility of being offered a (questionably legal) "finders fee" for locating the owner of a blighted/abandoned property and securing a deal for an institutional/established investor.So the above commenters are right!

@Daniel SistoThere are a lot of factors that come into play here when you are looking at the refinance lending options.

I am trying to learn how to become a private money lender OR to find a reputable Hard Money lender with whom I can invest. I would be willing to give up a percentage of my profits to invest with a reputable lender

When I discovered the tax, appreciation, and rate of return benefits of real estate as compared to stocks, bonds, or p2p lending, I decided an addiction to REI would be in my best interest as an investor.

That is aside from the regulatory risks of selling to non-banking entity which is under fire even in the institutional market right now.  

My friends or family aren't in the position to lend me.

Residential real estate is not as affordable as in the U.S.A. and lending (residential mortgages) is different.Transactions here are Closed using attorneys - as they are in some U.S.A. states.The biggest difference in financing is that we do not have long term mortgages in Canada.  

I can not get traditional financing, the purchase price is too low for lenders that lend based on property dti, and I am not willing to give him more than 15k down.The solution: Create a 2nd position note for 15k and a option to purchase in a year or two at 45k with principal and interest as a down payment.

Finding a conventional lender that will go over four (per person) is hard and you may need to look into portfolio lending.