Hard Money Loan of the Month
By Ken Walker, Lead Loan Originator
Property Refinance in Berkeley, California
I received a call from a borrower whose parents had recently passed away, he had their reverse mortgage and was given just a few months to pay this off or lose the house. Needless to say, this was a stressful time for the borrower.
Due to credit issues after many medical expenses the borrower did not qualify for a conventional loan. This is when they called me, referred by one of their friends who had gotten a loan from me earlier in the year.
By this time, there was only a couple of weeks before the house was going to be foreclosed on. But no sweat, within 2 weeks we had all items needed for their loan, approved, funded and closed!
Loan amount needed was $600,000 which was about a 70% loan to value for an owner occupied Hard Money loan. They were able to pay off the reverse mortgage, all of their incurred medical debts and all recent debts that had negatively impacted their credit. All financial stress was gone and the borrower was able to save their childhood home!
We specialize in loans that have been turned down elsewhere due to credit issues, difficult to prove income, property condition, etc., and one of our favorite mottos is “If we say it can be done, we’ll get it done!”
Call our office at 707-523-2099 if you need some creative financing help for your real estate purchase or refinance. We would be happy to help!