The e-mail came on a Thursday, “Hey, this is Tim, we have a loan that needs to close in 2 weeks or they lose a large earnest money.” Tim is with one of the best CDC’s in Georgia-an SBA lender. The deal was ultimately an SBA loan but the borrower had no time. Another bank had wasted a lot of time and now he was under the gun. He gave us the borrower name on Friday and I got out the needs list. By Monday, July 15th, we had the documents to underwrite-Day 1.
We had terms out by Tuesday, they signed on Wednesday and we closed 6 days later on the 25th-9 days from start to finish! Now we had an appraisal, that was done by the other bank so that saved time…but still, in a busy market with 5 other loans working toward closing, having to drop everything, underwrite the file, get title and closing docs and get a package out and closed in 6 days from term sheet signing is still lightning quick. NO OTHER NATIONAL PRIVATE MONEY LENDER CAN DO SUCH A QUICK CLOSING ON SUCH A SMALL LOAN AMOUNT. The other players in the small balance, under $1 Million space just take a lot longer. We are quick, we don’t re-trade and we get it done…..bottom line. We saved the property for the borrower, the purchase for the Realtors, and got the SBA lender the time they need to take us out-everyone wins.
There are a lot of private money lenders out there now, many of them focus on collecting app fees almost more than execution. Our fund has a SUPER low app fee, typically less than $3000. We even have you pay the appraiser direct. IF you have a recent bank ordered appraisal, we just need to certify it over. VERY low cost… but fast and effective closings. We can go as low as $100,000 and all the way up to $2 Million. Above that, we have partnerships that allow us to fund $50 Million or more. If you need a loan closed, if actually getting the money is the most important thing to you…give me a call! I will screen the deal and pre-underwrite it for FREE. We are the only no-risk option in commercial. Give me a call today at 305.501.2788.
P.S. Our $2 Million to $20 Million bridge product is the PERFECT product for un-stabilized value add deals. Renovation, rehab and stabilization capital with in-house credit committee funding off a balance sheet in as little as 2 weeks! We even consider preferred equity! This is huge. Give me a call today at 305.501.2788 or e-mail me a scenario at firstname.lastname@example.org . It costs nothing to let me see if we can help you-FAST. So give me a call today!