Private lender needed for family to buy a house

[Michael Lerch]

Just throwing this out here since I can, and I'm not looking to make any money on this.

A potential tenant-buyer I had a few months ago interested in one of my lease option deals decided to work with a different investor to buy a house. They are looking to close this Friday ( 6/27/14) and their investor suddenly backed out. They're all packed up ready to move. This was the deal she had in place with the other investor

$84,500 purchase price (valued around $99,000 ) $5000 down, $650 mo payments at 9%
interest and a 5 year balloon.

If anyone is interested in something like this contact me and I'll put you in touch. Again,  I am not benefiting from this at all. Just paying it forward.

[Don Konipol]

Private loans for owner occupied housing fall under Dodd Frank and more importantly the Consumer Finance Protection Bureau.  Balloon notes are disallowed unless borrower will have income to fully pay off balloon at time it is due; borrower must be qualified for ability to pay by lender; lender must have policy in place for "workouts" in event of default; an automatic 6 month stay is added to any state foreclosure laws when default occurs; minimum penalty for non compliance is loss of 36 months principal and interest and payment of borrower's attorney fees.

Anyone still interested in financing consumer loans?