Elementor #359 Problems $165K

Problems Solved/Loans Closed

$165,000 new 1st on a rental property

Property being remodeled and the value was not enough to refinance

Barry needed to refinance his rental property. It was in the process of being remodeled and the value was not enough to refinance. Barry was the pastor of a church and the church agreed to use the church property for a loan for him but the church had not paid the property taxes for several years and they could not verify much income. Fortunately, the value was strong so I was able to obtain financing on the church property so Barry could finish his rental property, remodeling, refinance it and pay back the church.

$2,100,000 new 1st on six adult care homes

Borrower did not have documentation the bank wanted

Borrower needed to pay off the existing first loan of $1,400,000 and get funds to complete some repairs. Borrower was an LLC and did not have documentation the bank wanted and a prior employee had embezzled funds. I was able to find private financing so the borrower could finish the project, prove income and prepare to qualify for a conventional loan.

$435,000 new 1st on a commercial property

Multiple issues

Borrower inherited 3 commercial units from her mother, but one tenant had not paid rent for a year during an eviction process and the current loan was in default. Property income was low, and the property need some repairs. Taxes were overdue. I found a private lender to pay off the existing first and stabilize the property while new tenants were installed.

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