Hard Money Loan of the Month – March
Rush Santa Rosa home loan rescued after being stalled by another Lender
This past month’s “Loan of the Month” is highlighted for a few reasons, the primary reason being the speed in which it arrived to my hard money office in Santa Rosa, and got approved to fund: 1 day!
This principal residence home loan was a referral from a busy Sonoma County Realtor. The Home Buyer had been pre-approved by another Lender but after 6 weeks, and still no loan approval, they had to do something else!
The principal Home Buyer was a recently widowed father of 2 children. He had really good income as proven by his 2015 Fed taxes and a 5% down payment. His Dad brought in additional collateral from his own house in Oregon for around another $100,000. This collateralized property had average comps valued at $250,000 so brought in a loan to value of about 40%. That made it about 75% loan to value on a completely remodeled property in Santa Rosa, CA – which our Private Investors definitely can finance!
The Buyers Agent jumped through about a million hoops to make sure all items needed to process the loan came through in timely fashion. She also made the Buyers perfectly comfortable with the Hard Money financing for their Santa Rosa purchase.
We sent out this First Deed of Trust for $470,000 for 12 months. The purchase price was $495,000 for this home loan. Combined loan to value was 95%. We received this hard money loan request on January 26, 2016 and had full loan approval on the 27th! The loan recorded on February 3rd.
End result was a very happy father, a happy family and relieved & happy Agents.