I have a buyer who is in need of private financing. He is border-lined from getting an FHA loan. He just had one 30 day late this past Jan 09. It was a referral from a lender. He needs a home for temporary financing until Feb 2010 in which the lender will fund with a mortgage. I am willing to gift up to 10% down for someone who can seller finance at current market on a home for a short term basis. Rate and term. Have all docs to support. I
Therefore I have an end buyer in place and I want to do a double close with a funder who can finance for this person for a short period of time til he qualifies to FHA or USDA in this case. I would purchase cash for the property using 1 day A-B trans funding and sell B-C at current market value to C Endbuyer who will hold the note for this client. End Buyer would receive 10% down with rate term til refi in 2010.
Any help or suggestions. Thanks