SPEED!
That is the name of the game this week. Our last two closings had one thing in common-speed. Sometimes you have clients who just need to close fast. We can get the deals done quickly, just check out these two closings from the last 2 weeks:
Investor Refinance of a $1.2 million loan on a retail shopping center. The client came to us after being denied by a local bank. The note was due and, the lender was willing to extend it on an adjustable loan but, this borrower wanted a low fixed rate. We closed her in 34 calendar days from app to closing BUT, she took 4 days to sign the commitment letter. We could have closed this in 30 days! We did this with our IN-HOUSE LENDING PROGRAM. That was with a new appraisal, inspections, everything. Her rate? 5.9 fixed for 5 years. The borrower said at the closing, “Thank you SOOO much. Orlando
Discounted Note Deal closed in 8 days! 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! The broker who sent the deal said, “Ernie called & is thrilled at how well everything went with the closing. He couldn’t thank m enough for getting this done in such a short time period. He now believes that I have the ability to get loans closed & will be sending referrals over my way.” Closings beget more closings!
If you have a loan that needs to close quickly or, you know of someone who needs to close quickly, give me a call. Our in-house lending and our private money fund are closing loans and fast. We may close as many as 10 loans this month between the two funds… if you hurry, maybe we can add your loan to that? Call me today to see at Have a great week,
Tony DeCresie
Commercial Capital, Ltd.
Your #1 Source for Business & Commercial Loans
Office: 863-298-8900 Direct: 813-833-3132
1 comment:
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