I’ve told a lot of you folks over the last couple years we are not doing owner occupied “consumer” loans. While this is still true, I wanted to let you know there are situations where we CAN help your difficult projects. I don’t wear a cape but we can do some pretty amazing things! If you have a problem, we can likely help you!
A few examples of our success:
- A property that is not 1 1-4 residential property. We just closed a mixed use property with a commercial bakery in the front & 3 apartment units attached to the rear. Additionally, we held back $50,000 of the loan proceeds to pay for the necessary repairs to bring the rents up to market, enabling the borrower to make her payments less stressful than the bank (whose loan had matured & were unwilling to work with her)
- Another property was being purchased to move into. In this case, the land was 28 acres. 3 more than the maximum 25for a residence as defined in the regs.
- An owner occupied condominium was refied to pay off credit cards & complete the initial opening of a restaurant the borrower is now running (In Long Beach, go by & see if he’s a good cook!)
- A buyer & his family were looking for a small ($16,000) loan to buy their 1st home. We could not write the loan, however the seller could carry back the loan through escrow & we bought it from them!
If you need something a little to the right of weird, call me (562) 806-2921 & let’s talk about it.
At your service,
Phone: (562) 806-2921
Cell: (562) 307-1502
Email: Jeff @ Standard4Loans.com
NMLS # 271483