My buyer needs financing - $80k down on $140k house - short term

[Michael Woodward]

I have a buyer for one of my fully renovated houses that's ready to make an $80k down payment (sale price is $145k) but she can't get her financing approved.  My bank was going to finance the deal but new Dodd-Frank employment history requirements prevented it.  She only needs seven more months of employment to qualify for a mortgage.  After that, she plans to secure a mortgage for the remaining $65k balance. There's virtually no risk with this deal because of the enormous down payment. The worst case scenario would be that the investor would foreclose on the $65k balance and have a recently renovated house worth more than double their investment.  I would be willing to help manage the entire process for out of town investors.  

Here's a few more details.  Let me know if you want to finance the deal or know someone who might.  

Thanks! 

Mike Woodward 865-773-4226

- Address: 3233 Chilhowee Heights Rd, Maryville, TN 37803

- Website with pictures and details: Local MLS listing

- Recently appraised by Renasant bank at $140,000

- Buyer Stats: Currently employed (11 months total, 5 months at current job), Divorced one year ago, Stay at home mom prior, Very little credit history, Father lives with her and is willing to co-sign the note

(keywords: funding, finance, loan, private, portfolio, hard money, soft money, investor)

[Don Konipol]

@Michael Woodward , the real risk for a lender in this deal is that the loan will not comply with the Safe Act nor the directives issued by the CFPB.  Institutional lenders are rejecting this loan for just that reason.  A private lender is subject to the same regulations and ultimately the same consequences.