The hard money lenders I KNEW, who were in business pre 2007 are currently in the asset management business from all the properties they took back. Most are not writing new loans. If you need private money to buy it's because the need for the money is risky. With that sort of collateralization though I would expect there is a lender who could do that loan for 9 or 10%
Please call Rich Mendoza, (925) 803-2465, firstname.lastname@example.org, or Scott Liming, (925) 803-2462, email@example.com
Happy funding, Rudi
Make sure you talk with several loan officers, as with any big purchase, it is best to get several offers or bids for you to compare. You want to make sure that you are getting the right loan for you and your situation.
We do not make loans, but we service loans for private parties. I'm sure there is a loan for you, it's just a matter of finding the right one.
Good luck to you!
What I recommend for people who do not know where these reputable hard & private money lenders are, is to visit as a guest (or become a member) of a real estate investing group in your area, as
#1 you'll meet others who have creative financing ideas
#2 you'll likely get some referrals to private/hard money lenders that other people in your area have used with success and
#3 those lenders that they refer to you will be familiar with the general area and will have a better chance of going to a higher LTV than other lenders not familiar with local market conditions, etc.
Here are a few of them near you:
Mt. Diablo Real Estate Investment - http://www.meetup.com/EB-REO-Fieldtrips-Concord
National Real Estate Investment Club in Pleasanton - http://www.nreiclub.com/
Bay Area Wealth Builders in Mill Valley - http://www.bawb.info/