All Forum Posts by: Bobbe Erlinger

Mrs. Chapa,

I attempted to reach you via phone a short time ago.  Please give me a call back and I am happy to discuss your loan.  I completely understand your frustration and am very sorry for the challenges you have encountered.  I have reviewed your loan file and am confident that we can address any concerns that you have.  As I understand it we have already committed to crediting the difference in your higher interest rate payment (in writing on 4/29) to show you that the delays in your financing will result in no financial benefit to SBL or additional cost to you.  Please check your voicemail for my phone # and I look forward to speaking with you.

Thank you for the mention Mr. Moses!  Yes Mr. Francis, Sherman Bridge does offer some options for what you are looking to do.  Please give my office a call and we are happy to go over those options and get you pre-approved in just a few minutes. 

Good morning Mr. Kim!  I am the Managing Director with oversight for all SBL business, Sales and Operations.  When speaking with the processor that was handling Mr. Chin's refinance the financial concessions we made, to my understanding, resolved the situation as there was no additional costs to the customer and the refinance was closed.  I have not been contacted by Mr. Chin nor was advised that he would like to speak with anyone beyond the associate working directly with him so his forum post was the first knowledge that I personally had that he remained unsatisfied.

As Mr. Sasu indicated above, I will make myself available at the request of any one of our clients and work through any potential challenges though we generally do not have many.

If you were to inquire about financing with us you would be in direct contact with one of my loan officers from day one as well as throughout the process so any question you may have would be addressed very quickly.

Customer service is and will continue to be a top priority for myself as well as my staff which is why I addressed the forum post as soon as I saw it.  If it were an email or a phone call rather than a forum post I would have done exactly the same.

If you would like to discuss our products and services please send me a personal message with your contact information and we are happy to go over your goals and how we may be able to partner with you to attain them.

Mr. Chin,

I'm happy to have a discussion with you directly about your concerns.  Your situation and that of Mr. Sasu were very much different, which after having spoken to Mr. Sasu at length he can attest to.

The loan that you are speaking of is a 90 day short term hard money product that allows an investor to purchase a property very quickly and bring the property up to conventional standards thus allowing the ability to refinance into a long term conventional product which otherwise wouldn't always be possible.  These loans close very quickly, generally 7-10 business days (yours closed in 8).

Financing in the conventional space takes significantly longer than a hard money loan unfortunately. Typical turn-around is 45-60 days from beginning the refinance.  We received the final inspection on your property showing the repairs had been completed on 2/11.  This is when the refinance process is started.

As we were a week beyond the committed timeline to close (on or before 4/11, and you closed on 4/16) we credited the difference in the monthly payment for 2 months as well as waived the extension fee to ensure you were not out of pocket any additional funds as a result.

Again I am more than happy to discuss your questions / concerns verbally at your convenience today or tomorrow as I want each of our customers to fully understand every aspect of the lending process and each product that we have to offer. 

Welcome Tim!  There is a lot of experienced people you can find here on bigger pockets that will be more than happy to assist you in getting your portfolio up and running!

Hard Money in a situation like this is certainly the way to go for sake of ease and speed.  Income documents can be provided to obtain better rates but is not required.  In my experience traditional financing would be extremely difficult to obtain based on the scenario described.

Good luck with your new venture and feel free to reach back out to me if you need anything!