Camarillo, California Our Borrower’s loan request was presented to our company by her Mortgage Broker, when he had exhausted all other financing options to obtain purchase financing with the Big Banks and other Institutional Sub-Prime Lenders for a property she was looking to purchase in Camarillo, California.
Our Borrower was a Registered Nurse, had great income and was putting down 40% of the purchase price in cash, but due to a Foreclosure of a mortgage loan where she was jointly liable on a property she earlier deeded to her Ex-Husband as part of the settlement of the earlier Divorce was preventing her from obtaining financing.
The subsequent reporting of the Foreclosure of the loan on her credit report that her Ex-Husband was expected to pay prevented her from getting traditional Big Bank or other Institutional financing. This was due to the requirements that such credit marks must be at least “5” years old at the time of applying for new real estate financing. Since it had only been about “2” years since the foreclosure, her only financing option was Private Equity Financing.
Our Borrower was purchasing a New Townhouse in a beautiful planned community that she intended to rent out to a Predetermined Tenant, but due to the lengthy delay in her NOT being able to obtain purchase financing, time was very short for her to close escrow on the Subject Property.
Our team jumped into action with the assistance of both our Borrower and her Mortgage Broker in working to compile all the necessary information and documentation required to present her financing request to our company’s Investors for funding commitment.
Several Investors who initially expressed interest in funding the loan, later back out after discovering that there were slow sales in the Subject Property’s condominium community that was built by KB Homes, which is a national real estate developer. Additionally, several Investors that passed on the loan expressed their own independent concerns relating to the Slow Down in the Southern California Housing Market.
We all persisted with our Borrower’s loan request and in less than “2” weeks from our Borrower’s Mortgage Broker submitting our Borrower’s loan request to our company, we were able to obtain an Investor commitment, prepared the Loan Documents, met with our Borrower to sign all documents and further funded the loan for her to purchase the desired townhouse.
18034 Ventura Blvd Suite 244
Encino, California 91316