You find out how hard it is to identify a quality private or hard money lender the minute you actually need that resource.
That reason alone is why Bradley Laddusaw, CPA and I encourage you to have a resource that can provide funding already in your Roladex (if you don’t get this reference, GTFO youngster).
Having a lender who can fund on short notice, distressed properties, or clients who may be barely on the other side of qualifying for a conventional loan.
Here’s the back story on these side by side duplexes.
- Broker referred to us by one of their in house agents who we’ve worked with for 4 years
- Broker has a client who’s ACH form for payments on his primary residence loan needed to be updated with the bank. That did not happen which resulted in 1 30-day late
- Client goes under contract to purchase side by side duplexes in Montebello
- Conventional lender takes their time with the file and uncovers the 30 day late, fairly late in the process. Loan denied
- Broker approaches S&L Capital Group to provide bridge debt to purchase both properties.
Afterall, the seller was in a “take them both” or “leave them both” scenario.
We get asked all the time “how quickly can you close.” The cliff notes - we’ve closed in 3 days on a fairly straight forward loan request before.
We don’t like to do that…
I repeat, we prefer to not be on that timeline.
10-14 closing timelines are the sweetspot and we can speed it up from there.
Give us a call.
At S&L Capital Group, we are fortunate for all of our referring brokers to trust us to perform on the terms we quote.
Here is a recent funding we put together for a borrower referred over by his broker.
He was under contract to acquire 2 duplexes, right next door to each other. His lender was re-trading him at the finish line and needed more time to close.
We provided the borrower with a plain vanilla acquisition bridge loan allowing him to close on time. This will give him the flexibility to slide into a perm loan on his own timeline.
Who do you know getting the run around with their current lender?
We are just a call away.
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#SLCG #SLCapitalGroup #assetbasedlender #knowwhoyouworkwith #bridgeloans #yesplease #investmentproperty
Co-Founder & Managing Partner at Tower Capital, LLC
1moNice crib!