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  1. #1
    Senior Member Reputation points: 17055
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    URGENT: Foreclosure in Brockton, MA Valued @ $500,000; Need $375,000 Loan ASAP

    The property is in danger of auction due to nonpayment, which happened mainly thanks to COVID. Balloon is also due, which lead to foreclosure proceedings.

    Current approved loan amount is $300K max. but would leave the borrower having to bring $64K to the closing table (which he does not have) in order to save his property.

    Requesting loan amount of $375K in order to cover loan closing fees & $35K state tax lien which has to be paid as part of the closing.

    That's 75% LTV

    Everything is already done: Appraisal, title work, insurance, etc... Just would have to be reassigned to you.

    Property is a multifamily with little rehab work needed (if any), valued at $500,000 in a conservative appraisal.

    Borrower has 700 credit as of today.

    If you know where I could take this deal to get it closed & funded within 2 weeks time, please PM.

    If you are an aggressive lender/investor interested in this deal, send me a PM.

    Thanks

  2. #2
    Senior Member Reputation points: 144314
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    Will the current lender accept a personal loan, or it needs more skin in the game? If he's got a 700 FICO, why not go with a personal unsecured loan?
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828

  3. #3
    Senior Member Reputation points: 70569
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    Quote Originally Posted by Fundyman View Post
    The property is in danger of auction due to nonpayment, which happened mainly thanks to COVID. Balloon is also due, which lead to foreclosure proceedings.

    Current approved loan amount is $300K max. but would leave the borrower having to bring $64K to the closing table (which he does not have) in order to save his property.

    Requesting loan amount of $375K in order to cover loan closing fees & $35K state tax lien which has to be paid as part of the closing.

    That's 75% LTV

    Everything is already done: Appraisal, title work, insurance, etc... Just would have to be reassigned to you.

    Property is a multifamily with little rehab work needed (if any), valued at $500,000 in a conservative appraisal.

    Borrower has 700 credit as of today.

    If you know where I could take this deal to get it closed & funded within 2 weeks time, please PM.

    If you are an aggressive lender/investor interested in this deal, send me a PM.

    Thanks
    You can contact Stearns Lending, LLC | NMLS# 1854 | stearnswholesale.com

    IMO - Numerous issues to have a closing in 2 weeks -
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    SBA 7(a) Loans
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  4. #4
    Senior Member Reputation points: 10356
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    Jun 2021
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    miami
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    wbl as a bridge loan might work but itll put the merchant in a worse situation but it might work short term until they get a better option

  5. #5
    Senior Member Reputation points: 28096
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    Oct 2014
    Location
    Naples, FL
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    347

    If you still need help on this, call... I'll PM you.

  6. #6
    We do property loans. This should be a slam dunk. 718-801-1085 We can get this done but cannot commit to 2 weeks.
    Last edited by Jimmy C; 08-17-2021 at 02:23 PM.

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