The borrower was buying a foreclosed shopping center in Ohio and he was getting it way under market value. The private money fund liked the borrower and had done deals with him in the past.
We are willing to go to 80% of the purchase price on foreclosed and note discount deals IF our loan amount stays under 60%.
In this instance, the property appraised at close to $900,000, so we were fine.
We can fund these types of loans in under 3 weeks. We can get you closed! Just send as much detail as you can and we'll see what we can accomplish for you.
Send all requests to us at Lgpotter33@gmail.com and provide your contact info.