DIRECT LENDER PRIVATE MONEY
We are a Direct Alternative Private Money Lender in California *​ No Fico Needed
Fast 7 Day Close * No New Appraisal Required * Stated Income Loans * No Pre-Pay.
Interest Only 1-7 Year Term * Ammortized 30 or 40 Years * Wholesale Par Pricing
​Max. 75- 80% LTV * BETTER THAN HARD MONEY * In-House Funds Our Money Only
Call us now at 888-99LEND9 your trusted lender
​
​PROBLEM: Our borrower had 5 days left to close on a purchase. He was able to locate a great property and go through a rough 6 month short sale approval process. During this time the he was assured that he qualified for a conventional loan. He did not. He needed help to close on this property so he went to several hard money lenders. He was turned down because he only had 25% down.
​
SOLUTION: We evaluated the appraisal completed by the bank and felt it was acceptable. The borrower was self employed and did not report much money but was able to clearly explain his ability to pay and verify the exit strategy was possible. The decision was made in 24 hours and docs where sent to escrow the following business day. In a total of 6 days we funded this deal at 75% LTV.
​
​
Recently Funded Transactions
PROBLEM: Our borrower owns a mix-use property consisting of
2 commercial retail units and 16 apartment units. The property is in a "rough" part of town and has frequent turnover. His wife had kept the books but very rarely reported full payments. The mid-fico was 472. Somehow with several foreclosures already past them they were able to keep this building free and clear. They did not pay taxes for some time and had over $150,000 worth of tax liens. The time had to come to pay the tax bill or lose the property. They went to several banks and credit unions to be denied. They had paid for 2 appraisals that had confirmed value but the banks refused to do the loan.
​
SOLUTION: The borrower ran the scenario through the pricing engine with success. Then our account executive instructed him that this is a deal we would be able to fund in 7 days. The borrower sent the package in and it made the second credit committee of the day. During committee we where a able to underwrite the file and approve it. The following morning the final decision was made to approve the transaction. We accepted all the appraisals and reports the borrower had. We decided to use a market approach on income and ability to pay, since no correct paperwork or accounting was available. We decided not to focus on the bad credit or the several past foreclosures. The deal made sense so instead of looking at the borrower's past we focused on the cash flowing property. We decided that a max cash out of 75% Loan to Value would be safe and allow us to have a cushion if he did not pay. For once the escrow had all the needed pay off demands and we closed in 7 days.
​
​PROBLEM: Our borrower found a very attractive 65 acre agricultural property. With 12 days left to close on the last extension of this purchase the borrower was declined from his third bank lender. He was assured that he qualified for a bankable loan even though he had a 512 Fico and the last was not income producing. He did not. He needed help to close on this property so he went to several hard money lenders whom all stated they needed a full appraisal and more down; both which he did not have. The turn around time was 3 weeks for a new one to be completed.
​
SOLUTION: After reviewing the loan package thoroughly we felt that an outside BPO otherwise known as a broker price opinion would be adequate and much more reasonable to evaluate the property. We contacted a local 30 plus year agricultural specialist. Within 2 days we had a short report validating the purchase price. The borrower was employed by a farmer/distributor and did not show much income. He was able to clearly explain his ability to pay through a co borrower who had experience in the industry. His plan made sense. The borrower had satisfied all conditions and loan docs went out to escrow. In a total of 7 days we funded this land deal at 55 LTV%.
​
​
Call An Account Executive now at 888-99LEND9
Private Money Lender Funding Private Money Loans
With In-House Funds and In-House Servicing.
Call An Account Executive now at 888-99LEND9
Private Money Lender Funding Private Money Loans
With In-House Funds and In-House Servicing.
Call An Account Executive now at 888-99LEND9
Private Money Lender Funding Private Money Loans
With In-House Funds and In-House Servicing.
A
P
M
G
a dba of FMC Lending​ Inc.