Archive for November 2024

Objective The borrower aimed to renovate several properties but did not want to disturb the favorable terms of his existing first mortgage, a low-interest 30-year fixed-rate loan. Challenge The primary challenge was to access significant funds for renovations while preserving the low interest rate on the existing mortgage and avoiding the cost implications of refinancing.…

Objective A borrower needed to quickly purchase a new apartment building as part of a 1031 exchange after selling his commercial property. Challenge The borrower identified and made an offer on a new apartment building but faced delays in securing a conventional mortgage. To satisfy the 1031 exchange requirements, he needed to close the deal…

Objective An experienced developer of high-end homes in the Bay Area needed to refinance his existing private money first mortgage and secure additional funds to complete a property remodel. Challenge The primary challenge was to refinance the due private money first mortgage quickly while obtaining sufficient funds for construction and setting up an interest reserve.…

Objective A borrower in San Francisco needed immediate funds to purchase a new property in the South Bay but could not wait to sell his existing property. Challenge The borrower owned a free and clear property in San Francisco but needed to make an immediate offer with a short closing time on the new property.…

Objective A borrower aimed to save his Noe Valley, San Francisco property from foreclosure, complete its remodel, and sell it to resolve his financial issues. Challenge The borrower, who owned the property for ten years, faced economic hardships due to COVID-19, causing him to fall behind on his payments. His first lender initiated foreclosure actions,…