URGENT Financing Question for Property Facing Foreclosure
I'm hoping that this is the proper forum to ask for advice with my situation. I have a contract on a tremendous opportunity that I acquired via direct mail. The homeowner, facing foreclosure, has run into a perfect storm; his father was on his note, giving him a $3000 tax deduction, which was immediately removed when he passed away last December; his 13-year old mortgage is an ARM that has adjusted; consequently, he can no longer afford his mortgage. The main house, completely renovated 4 years ago, sits on just under 3 acres of lakefront and has a 1700 square foot guest house (which will require updating). The homeowner has $900K in equity as everything sits now; with the renovated guest house would bring that equity amount to $1.1M! I have agreed to reinstate his loan (he's signed the deed over to me) and I will carry the note during the renovation of the guest house and the listing process and we will split the profit upon the sale of the home.
Here is where I need help, my private financier has run into a problem and can only deliver $30K of the committed $100K, leaving me scrambling to find the $70K shortfall in the next 2 weeks! What do you recommend? Is this something that a bridge loan can address? I am unsure if hard money is an option because of the loan assumption. Your assistance/advice is GREATLY appreciated!!