I have 2 friends who are under water on their mortgages. I have an idea of pitching to the banks who own their mortgage to buy their mortgages at a discount and become my friend's lender essentially.

First question is, would I be able to get a small business loan to do this? I have some equity as collateral but curious to know since it's leverage on top of leverage in essence.

Second question is, has anyone done something similar? I have heard of people buying mortgages for 25 cents on the dollar in parts of FL which is where these properties are. They are in jeopardy of just walking as their loan balances are almost 3-fold the current "market" value.

Thanks in advance!

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