Small Business loan -
$100,000
Borrower was self-employed painter with no provable income. Primary residence first mortgage was two payments delinquent. We made a second mortgage loan on primary residence in the name of his existing corporation as the funds were intended for use in his business |
Fix and Flip –
$255,500
Borrower purchased property for $175,000. Property needed extensive repairs including foundation repairs dictated by engineers report after city condemnation. Borrower needed 100% financing plus extensive fix-up funds plus additional advances tied to engineering report and sign-offs. Loan closed within seven days of application. |
Development -
$290,900
No down payment with owner-carry second
Borrower purchased five-unit building to convert to condominiums. Borrower paid nothing down, seller carried 30% second mortgage. Loan calls for release of each unit as sold. Loan closed six business days after application. |
Foreclosure investment $240,000
Borrower had contracted to purchase a judgment recorded against a property in foreclosure giving him a right to redeem the foreclosure. Borrower needed $100,000.00 to acquire the judgment plus $100,000 to payoff the first mortgage lien. This does not represent a real estate loan because the collateral was the right to redeem real estate. |
Cross Collateral $250,000
No Downpayment
Borrower needed funding for purchase of property needing extensive remodeling. Borrower did not have downpayment, provable income, or good credit; however was able to use equity in his fathers’ house as additional collateral. |
Foreclosure / Dinner Theater $350,000
Dinner Theater was in foreclosure. Both borrowers had low credit scores and no provable income. Property had considerable commercial value, mostly as land. Loan needed to be completed within five days of application |
