Richard called us in a panic. The lender he was using ran out of money 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 issued him a $300,000 new 1st mortgage, this loan had a 12 month term. The $300k fixed his problem real quick. Upon receiving the money, he started back on the project, and then began to market the house to sell. He is also looking for his next project and knows where to get his financing. www.aLoanNow.com
The tenants moved in and trashed the house, and it took her almost a year (while not receiving any rent) to evict them. More...
Mary was a good person, she just had bad luck. Her job was on the blink, her credit was bad because she received her paychecks sporadically, she didn't have any money to save this property from going into foreclosure and the property was severely damaged and looked horrible causing it to be virtually un-saleable.
Fortunately the property had very good equity and could be fixed at a reasonable cost. Initially we paid all back payments on the 1st mortgage, property taxes and insurance current. We then set up a fund control, dispersing funds as work was accomplished.
The house required two long bed trailers to haul all the previous tenants trash and mess out. The back roof needed to be replaced. The walls needed to be patched from baseball bat holes [from past tenants]. The house needed to be completely painted inside and out. The floor needed to be completely resurfaced with carpet and tiles. The patio needed a new roof, windows, floor, electrical wiring, lights, and indoor walling. All the appliances had been stolen. The yard needed to have the three foot long grass cut down and had to be re-landscaped and decorated. The garage looked like an airplane crash landed into it.
So you might say "was it worth it trying to help her?" YES, because this lady Mary needed money desperately to prevent her own residence from going into foreclosure, and this house was the only source of equity and income that could solve her problems.
To make matters worse, she requested my help only 10 days before the house was going to foreclosure sale.
YES, we helped her.
Mary received a large sum of money from the sale thus saving her residence from foreclosure. After escrow closed on the rental property, her job conditions stabilized also. Everything worked out exactly the way it had to, even under the stringent time constraints.
Other considerations that we usually provide our investors, to assure that they are comfortable with the investment opportunity:
Although some loans are very easy, with 700+ credit scores, 50-60% loan to value, excellent property and location, there are other mortgages that are complex or have many obstacles that need to be satisfied prior to funding. Throughout the loan process we fully communicate the pros and cons of each opportunity, allowing the investor to decline from investing in the loan if desired. More...
Investing in real estate is very exciting, knowing that many jobs might be created during the projects life. Real estate secures the mortgage, there is always the land and structure as collateral for the investment. It's a great feeling knowing that dreams and goals will be accomplished after the loan funds.
We are exceedingly proud and thankful to all our investors for their vision, commitment and investment into all the many investment opportunies that have been fullfilled. Our investors are the intrigal part that allows so many dreams to come true. Investors like ours both big and small have made America into what it is today.