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$450,000 Discounted Note Deal
Posted by Commercial Loans in Commercial Real Estate, Recent Closings
Sometimes people don’t have 30 days. This guy was going to lose the property if he did not close by Wednesday. The lender was calling the note and offered a deep discount if he would pay it off by a certain date-otherwise, they would execute the foreclosure. He signed our agreement on Monday, March 28. We ordered a quick review appraisal on the spot and had the file closed the following Wednesday-in just 8 business days through our private money fund. This fund will look at any type of property as long as the deal makes sense. It must be RE based, and we won’t go above 65% LTV but we can close lightning quick. This borrower got $500,000 off on his note by closing on time and saved his property to boot!
