Closing On A Property, But Need More Time

[Matthew Bernal]

Hey everyone! I have a property that I am trying to get funded for a client. He hired me about a week and a half ago, to obtain some consolidation capital for him, come to find out he has a $3,000,000 acquisition in which none of his funding team took any action to close. I was able to get him $3,400,000 for the for the first position, and $130,000 for the EMD plus closing costs. We are closing tomorrow, and I am still short about $430,000. I was wondering if a Double Close would be the best way to buy more time to get my current investor prospects 100% onboard. If not, what's the better way, other than putting more money into escrow to purchase more time? Thoughts?

[Doug Smith]

HI Matthew, I have so many questions here. Is the client the investor that will own the property? If so, you got the investor a $3.4 M first, $130K for costs and deposit, and the investor is counting on you for the remaining $$$? On a $3M property? I'm not sure if I'm missing something but I two things...1) you've done an outstanding job and 2) as a first mortgage lender, there is no way I would fund an investor that doesn't have more skin in the game. If I have it right, then I'm not sure I or anyone could give you great advice on that.