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Updated about 9 years ago, 12/21/2015
Hard money lender closed down?!?! Help!!
Hi,
I took a 12 month loan with a HML to fund my fix and flip. In addition to borrowing %80 of the purchase price, there was an additional 30k set aside for renovations in an escrow account. One month after closing on the property, tenants evicted, the lender became unavailable. I later found out they shut down and no longer exist. Now I am stuck with a vacant property that needs major rehab and I dont have the funds I was promised.
Does anybody have an advice what to do in this situation? Is there anyway to get those funds released somehow?? And What do I do about paying my loan payments?
This is my first fix and flip btw, and first time using an HML. Any help or advice would be immensely appreciated!!
Btw, name of the lender is Titan Capital out of Phoenix, in case anyone was wondering
Thank you!!'