The Recent Closed Deals--PRIVATE MONEY

Mr. Inabind has poor credit, no income, and a foreclosure action pending on a home that he owns for investment purposes. Fortunately, Mr. Inabind has $200,000 worth of equity in said home, with a market value of $250,000. In order to pay off outstanding debts and avoid foreclosure, Inabind needs approximately $100,000. We are able to find financing (from a private lender) for this client at 65% of the home's market value, or $162,500. The result? The existing $50,000 mortgage is paid, and another $50,000 is used to pay other debts outstanding, leaving Mr. Inabind $62,500 to use as a cushion until his financial situation improves.