I'm doing some research for you and will contact you tomorrow. I have some ideas but haven't worked with these in awhile. Feel free to call me at 951-966-1417. Closing costs should be around 10-15%. My lender can close in 5 days. If you would like to speak with Kelly directly, she lives in Rancho. Her number is 909-647-7034

I'll answer the question you asked, and then I'll address the underlying need.

First, you'll most likely not get a hard money loan for an interest rate under 10%. I work with them from time to time, and I have yet to encounter one willing to lend at a rate less than 12%. Please let me know if you know of one that lends at 10%; I'll pounce like a lion on that delicious antelope. FYI, please also keep in mind that most hard money lenders only lend on NOO properties, and many of them prefer to lend to businesses.

Second, I can think of several other ways to re-structure that transaction, but I'd need some more details. You haven't mentioned whether this is an income property. I'm working with an agent in TX who has 2 buyers (for different properties) who want to buy a new home. Both of their requests for conventional financing were rejected, because they're both self-employed, and unfortunately it didn't matter to the local lenders that both buyers had been in business well over 10 years. Please feel free to contact me for more details.