Qwerty…….”very little skin in the game”? I would hardly call 45% “very little skin”.

I for one, wouldn’t mind a bit if the borrower defaulted and I was handed the keys along with 40-50 percent instant equity.

As we all know, selling a property if priced at what it’s worth is pretty easy right now (at least in SD county). As long as you have an accurate/current appraisal going in, I still don’t see the downside here.

Where else are you gonna make a 12% return AND have your investment so well secured/levered right now?