Hard money on personal residence?

[Jonathan Bombaci]

Does anyone know if a hard money lender would lend money as a personal loan using someone’s personal residence as collateral?

I have a family friend going through a bankruptcy (so horrible credit) but his personal residence is in a family trust, so it's protected from the bankruptcy. The house is in rough shape but it's a nice lot in an expensive town so it's worth about $400k. He needs $100k to fix the roof, do some work on the interior, pay off some personal debt, and get a used car. He wants to sell the house in 2 years, can't emotionally do it sooner, and would pay off the debt + interest then. I think a HELOC is out of the question due to credit score, same for a lump sum reverse mortgage.. is this something a Hard Money lender would consider? Are there other options?

[Kyle J.]

You don't mention if there's an existing mortgage or what the LTV would be. But just based on what you posted a hard money lender almost certainly wouldn't do this loan for a variety of reasons - personal residence, borrower going through bankruptcy, loan term likely too long, all the loan proceeds not being used to improve the collateral, etc.