Saved the deal in world record time some positive news

[Jay Hinrichs]

We got a referral from a well-known BP member and business owner.. He referred one of his clients that was in a closing pickle.

This client has a small fund and was having problems with getting loans from senior lenders so was forced to pay cash for a few of the properties they had in contract.

However, another property they really wanted to close needed to happen by tomorrow  9/30/2022 and he was 100k short.

I got the call late Monday Hey can you help this client of mine out.. He needs to close a deal by Friday.. Normally 4 days to do a loan etc is pretty tough and I would say no not enough time.

But I went ahead and scheduled a call for Tuesday morning and got all the details and what the collateral would be and what the funds would be used for.

Did some basic search's on line.. since he had just paid cash for the property the day before he had fresh title insurance.. I told him to call the company and open escrow and get me a lenders policy which they did in 24 hours.  That was Tuesday I wired the money on Wednesday and the deal close today..  48 hours start to finish.

What was at risk for this borrower     25k nonrefundable deposit plus 350.00 a day until he closed  so either walk from the 25k and a deal he really wanted, or pay the 25k which would not have been a credit and pay 350 a day.. 

I have done foreclosure bail outs in 24 hours but that's the first loan I have done in 48 hours start to finish and of course there is a cost to expediency but in the end we saved the deal.. We got a great 20% LTV loan on a prime property and well some good news in this world of bad RE news.