The Borrower had to close on this commercial cash out refinance in ONE week. Their bank had been processing a refi for over 60 days and the Borrowers were simply out of time; they needed deal certainty and an immediate closing to take advantage of a significant opportunity with a now looming deadline.
The call came in to Seattle Funding Group of California on a Thursday afternoon, and the loan had to close by the following Friday. In between, SFG of CA’s team performed and completed the usual, if much accelerated process: inspected the asset, vetted the sponsors, interviewed the tenant, reviewed the lease, verified submarket conditions and present value, confirmed the environmental findings, worked closely with title, and we closed it to meet their deadline. In fact, SFG of CA funded and closed one day early, yet no underwriting corners were cut and no due diligence stones were left unturned.
The common misconception is that hard money borrowers are desperate with few options and choices, all of which are costly. But for this quality, with an appraised value of $2,950,000, an 800 FICO Borrower requiring a 60% LTV on a fully leased industrial building, SFG of CA was a terrific option, provided a great solution and there was no additional cost for SFG of CA’s responsiveness. This transaction demonstrates once again why SFG remains The West’s Bridge Lender of Choice for so many mortgage professionals and their valued clients.