Specialized makes 24" wheel bikes. They are marketed as a kids bike but I've seen them. It's a decent bike. It's not Wal Mart level. And they aren't expensive so you could start with that frame and swap out some better components and still be at a decent price.
My 4'2" daughter was a little too small for that bike.
The down side is it's a 24" wheel bike. No matter what your friend does it's still going to be 24" wheels that aren't going to go as fast per revolution as a 26" or 29" wheel.
I don't think this is the best option for your friend. But it's worth knowing it exists and may be at least worth looking at. My LBS stocks at least 2 of the 24" bikes at all times. (They are apparently a solid seller for impulse buyers) so she might be able to walk in and at least sit on it for sizing.