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On the surface this loan might not seem like much, but it was for a previous client and someone with multiple investment properties. As we all know, in this business, repeat clients are the best clients.
We understand that for referring brokers like you, many of the loans we fund are for clients you want to keep coming back. That’s why we treat every loan, big or small, with the utmost care and attention.
What the client was up against:
Our clients are typically not people in distress. In this instance the client has good income and credit, but needed funds to refresh this and another investment property to get ready to sell within the next year.
Solution:
Knowing he didn’t need the money for very long, the borrower decided to not deal with the constraints—or the inquisition—of a conventional loan. Having worked with us before and knowing how easy our process was, he chose the quicker, more painless route and came back to us.
The deal made sense. The equity was there, the borrower had the ability to repay, had a clear exit strategy, and as a result, we were able to put the file together quickly and close within a few weeks of receiving a complete file.
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This wasn’t the biggest loan, but I handle every loan the same way. Whether it’s big or small, every successful closing is a win, and I hope it keeps you sending loans my way.
As is typically the case, this was a stated loan, required minimal paperwork and once we had everything from the borrower the loan closed quick.
If you have a client who fits any of the situations below, give me a call me at 510-463-4876. If the loan makes sense, the LTV works and the borrower has the ability to repay, we can fund it. Our loans require minimal documentation and typically close within 10–14 days
Loan Scenarios we see include:
- Cross Collateralized loans (100% purchase / Bridge Loan purchase / cash-out)
- Cash out for Business Purpose on Owner Occ
- Investor Purchase Loans
- Investor Rehab Loans
- Time constraints - Borrower needs quick close
- Borrower with unseasoned funds needs to close on purchase
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Loans on Residential, Commercial, Condo, Duplex/Triplex/Fourplex, mixed-use, Condo-Warehouse, Gas Stations, Vacant Land etc, etc
- Foreign Nationals
- Lease-option purchase with little or no money down
- Divorce, Probate, Partner Buyouts
- Borrower w/good credit wants to buy property, but is a few months away from having the taxes he needs completed for a conventional loan.
- 1031 Exchange and Reverse Exchange
Unlike other companies you get emails from, we're not a "Johnny-come-lately" lender. We have been a leader in the private lending space since 1999. I myself have been in Private Lending for over 30 years.
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