
Success Stories
True Story #1 - Chip was 3 weeks from Foreclosure Sale.
A bankruptcy attorney had recommended that Chip call us, to see if we would issue him a loan to bring his mortgage current and to give him extra cash-out to pay future mortgage payments and to consolidate some debts. More...
True Story #2 - Richard was 3/4 complete with construction, but out of money.
He called us in a panic. The lender he was using ran out of while he was over half way through with the construction. He was stuck, his credit had become bad, so no other lender would help him... More...
We quickly reviewed his situation, he couldn't go full doc because he was a self employed contractor. His credit scores was 564. Fortunately he did have equity in the project. It was a spec house on 40 acres in Northern California, unfortunately it was rural. He tried many lenders but none would help him because, incomplete construction, stated income, 564 fico, rural, etc...
We issued him a $300,000 new 1st mortgage this loan was a 12 month term. That fixed his problem real quick. Upon receiving the money, he started back on the project, and now he is marketing the house to sell. He is also looking for his next project and knows where to get his financing.
True Story #3 - Commercial Loan Success Story
A client called me and wanted to refinance his commercial loan to a lower payment... More...
His current payment was about $10,000 per month. After we studied the different loan options he chose a 7.125% 10yr fixed that rolls to an adjustable during the remaining 20yrs. Prior to closing I was able to get the underwriter to shave off a little more of the rate so we funded at 6.875%.
His new monthly payment is $5100. This payment and new loan included giving him $200,000 in cashout to take care of property improvements and give him extra money to take care of some other matters. He was very happy
True Story #4 - James wanted to purchase a rental property with stated income.
He found an excellent deal on a house, so we had to move quick. First we had to get him his downpayment money. We issued a stated income Heloc from his residence, then More...
We began working on the purchase loan as a stated income/stated asset loan because he was a self employed plumbing contractor. Fortunately his mid credit score was 682, so this made the job easy. The new loan would be for $248,000. The property was a slight fixer, so we got the seller to agree to allow James to fix up a couple issues on the property prior to close to allow the appraisal to pass the underwriters requirements.
The loan closed quickly, with no problems. After we closed, James made some finishing touches on the house and immediately began to rent the property to a new tenant, that he found through www.craigslist.org. Now James is happy with one more rental property added to his investment portfolio.
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We have been financing commercial property loans since 1991. We look forward to financing your dreams and goals.
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