I need some advice or a point in the right direction;
I'm seeking private money secured by a 1st trust deed
Looking for approximately $300,000 to $400,000 (60% - 75%)
House is already renovated, Southern California 91748
30 Month or so Term
6% - 8%
No Pre Pay
The hang up is the title is held by my title holding trust and I am living in it to take advantage of the IRS section 121 (250K cap gains exemption). My normal hard money guys won't let me transfer title back to the title holding trust after they fund and don't like the fact I'm living in it even though title is held in a title holding trust.
I can not go Fannie/Freddie as I have a short sale 6 years ago and it reporting as a collection settled for less than owed so Freddie won't approve it as they see a collection not a short sale though there where no lates on the loan and Fannie won't let me pay off Credit card debt to qualify without closing the credit cards which I need to keep open for a rehab line.
I really need a private individual with their own money who makes the decision.
Any ideas who to call in Southern California who lends their own personal money for a make sense deal?
Or how to get it through conventional lending (but I really don't feel like dealing with the hassle anymore)
It's tough to do with either conventional or hard money. Dodd-Frank act killed it for you once you occupied the property.
What you're describing with conventional loans will happen anywhere.
Your best option is a Portfolio loan that allow you to occupy the property and get the rates and terms you're expecting.
That's just not very attractive returns for the risk on that deal. You essentially have bad credit, title complications and a past short sale. I wouldn't touch it and would expect most private lenders to feel the same.
Well thanks for you help
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