Case StudyOn Stand By - Private Money Loan Ready in Case The Bank Does Not Perform On-Time
Loan Amount: $2,925,000
Loan-To-Value: 65% LTV
Situation & Challenge
A worried investor called seven days before the scheduled close of escrow to see if First Captial Trust Deeds could perform in case their bank couldn’t deliver loan documents in time to close.
The buyer had contacted a different hard money mortgage broker a week prior but didn’t have confidence in the other broker. Trust and competency was important to the buyer.
Solution & Result
First Captial Trust Deeds received a commitment from a family office in Los Angeles within a few hours. The lender sent the loan documents to escrow on Monday for the borrower to sign, if the need arose. FCTD delivered on our word to the borrower, putting them at ease that they’d be able to close on-time if the bank couldn’t come through.
Chase Bank pulled it off and provided the loan documents early Thursday morning to fund, record, and then disburse Friday. The best-case scenario of bank financing worked out for the borrower.