Looking for Lender for Bay Area, California
Hi everyone, I received a call today from a distressed homeowner. I'm not in the business of lending money, so I thought I would pass on this lead to lenders who work in the bay area.
The situation is as follows
1. Borrower is facing foreclosure, estimated court sale date is September 2nd 2014. Borrower has been in default since 2010.
2. Estimated home value is $950K, estimated loan is $750K. Home is located in nice neighborhood in Berkeley. Buyer has lived in house for 40 years and wants to stay in house, hence, it is not a case I can take on as a fix and flipper.
3. Borrower is looking to either refi or do a second on the house for $160K to pay off amount in default.
4. Untile recently, borrower has been working for tech startups and hasn't been receiving a steady paycheck, however, the latest startup he is working for has since taken of and is now receiving a steady pay check.
I'm not in the lending business so from my perspective, it looks like a really long shot that he will be able to get a loan, but I thought there might be some lenders on the BP forum that can work this case somehow with some form of unconventional loan.
I'm not asking for any commissions, but if you do work out a loan for him, I would love to be able to interview you for an hour to just learn more about what is possible in the world of lending.
If it is a case you can take on, please feel free to email me at [email protected] and I will forward your contact info to him. Thanks.