Have a doctor with awesome credit over 800. Writes down alot of income in his S corp and pays himself personally very little income although has huge monthly business deposits.So conventional lenders won't touch him because ON PAPER he looks like he cannot qualify.

Stated's were used often for doctor's,lawyers,corporations for tax reasons. I beleive stated will come back in 1 to 2 years but the lending requirements will be alot stiffer. The reason is people are not going to pay out tens of thousands of dollars in additional tax money to appease an underwriter. It just ain't going to happen.

My buyer would pay a little higher interest at say 7 percent to get the deal done.

My buyer has had his corp for about 20 years.

Is there a way for the loan to be closed in the name of his company? If not, this still may be doable given he's a doctor. Most any lender will know he has cash flow, he's got great credit, and more than likely plenty of assets.
Is this a purchase? If so, how much is the doctor putting down? Knowing the location helps as a lot of hard money lenders stick to their back yard.
I will say that 7% is probably not going to happen. 9% is more realistic in this market (it is hard money after all).

You can check out www.prosper.com and www.lendingclub.com if you are still looking. They seem legit, though I've never used them. I would as an investor if it were available in my state though.

The best route to take is to call the local small banks who still do portfolio loans.

It seems like there were some smaller banks that specifically targeted doctors, of course that was a few years back and things have changed.

[quote=Greg Phillips]The best route to take is to call the local small banks who still do portfolio loans.

[/quote] yep, I'm with Greg.. neighborhood Lender was my first thought, but you know, quite frankly, today the new guidelines tie their hands just like with the big boys.

And the only private Lenders I know, loan for 10-12% interest because money is so hard to come by.

This thread is a bit old, but I wanted to provide some newer information. There are still plenty of private lenders out there and they won't all bleed you to death. Our experience has been that professionals like your doctor are more interested in commercial than in residential, though a few have a string of SFH that are rented out. In the commercial realm, there a many different private loan programs available with much lower interest rates (frequently under 7%) and several can cover 100% LTV. As for closing the loan, it can be done in the name of an LLC.

Hey Braindart- do you know any who can do for LLC?

I can potentially help if the property is located in California.