Can I get financing on a primary residence?
I am a real estate investor of over 20 properties, but this question is not about an investment property. (Unless there is a way to consider it an investment property of mine based on the Life Estate deed.)
My dad purchased a house in Port Orange in March for just over $200,000. He used some cash, some borrowed from us, and some advanced as a margin loan from his stock account. (He's 87 and being ridiculous and refuses to sell his stock because he's down in the market.) The plan was to apply for a HELOC shortly after closing to get everyone's money back out of it. We thought it would be extremely easy to get a 50% LTV with no debt and a 700 credit score. However, he just got turned down by his bank, Suntrust, after getting completely credit and property approved because the property is titled to him (Floyd Martin) with me in Enhanced Life Estate. We responded that Suntrust was wrong - an Enhanced Life Estate DOES allow for the owner to mortgage or sell the property and was only an estate planning tool that acts as a "transfer upon death" but no one there can comprehend what I am talking about, they just say that he's not allowed to mortgage it. (See below link if it interests you.)
So in a nutshell, I'm looking for a private lender on a complete no brainer loan, $100,000, less than 50% LTV, no bad credit ever in his history, no debt, TONS of reserves, would do a 9% fully amortizing in 5 years. Do you know any sources?
https://www.thebalance.com/enhanced-life-estate-deed-3505518 Thanks so much :)