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I want to make a private money loan for owner occupied property refinance in WA

A friend and I looking to loan money to allow a borrower to refinance his higher rate loan. Are there regulations that would keep me from making this loan? The borrower has plenty of equity in the property, but owns his own business so that it is hard for him to get conventional financing. The borrower was referred to us by a mortgage broker who I know. Thoughts please.
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February 08 2013 - Issaquah
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There are some new laws effective in 2013 for owner occupied financing, among them include requirement for lender to verify the borrower ability to repay.   You should consult an attorney licensed in your state to advise you on whether the applicant qualifications are satisfactory for your intent.

Many private money lenders have ceased origination of  new owner occupied loans as result of concern for the required guidelines.  
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February 08 2013
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I was under the impression that these rules only applied to banks so that they can qualify the loan for re-sale. I am interested in rules for individuals or make only rare loans. 
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February 14 2013
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Good day,

I'm in the market for a loan and keep finding no sources. Need a debt consolidation loan and/or new loan for my botched FHA modification. Big bank is trying to ruin my life. I have equity in my home, but need to find sources that will help the little guy. Want to get the payment promised but also want to alleviate my debt from this whole debacle. Do you have any ideas? Any contacts such as yourself willing to help someone out? I am legit, honest, hard working. Have had full time job now for 13+years and just want to get caught up once and for all. No more catch up.

Hate to post here or seem like I'm begging, but in this society, it's hard to get anyone to reach out and help. 

Thanks for your time. 

Tim
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June 07 2013
 
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I want to make a private money loan for owner occupied property refinance in WA
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Latest reply by tlanigan
June 07 2013 | 3 answers
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