All Forum Posts by: David N.

Hi Javier,

I don't know anything about Jones Private Money Loans. I am an institutional private money lender in Oakbrook, IL. What type of loan are you looking for? 

Best, 

Hi Armando,

The timeframe to foreclose will depend on the courts. The lender must have a law firm working the FC. The law firm or lender will have a better idea on the timeframe. There are states where the FC process is slow, but AZ is not one of those states. I think it's probably a matter of a few weeks, but again the lender can give you a ball park date.

Best,

I don't know if that's possible. That would be a refinance not a purchase. If own the LLC then you already own the property. I would ask the lender who approved you for the conventional financing that question. I think they would see it as a refinance too.

Good luck!

Best,

Hi Armando,

One more thing. I believe the current borrower has to agree to let you assume the note. Again, I would consult with a real estate attorney. I would guess the borrower about to be foreclosed might agree to let you assume the note. But... If there's equity in the property. The borrower could let the lender foreclose hoping the property sells for more than the outstanding debt at auction. The borrower would be entitled to any funds over and above the debt owed to the lender. It's a tricky situation for sure.  

Best,

Hi Armando,

If the lender chooses to let you assume the note. He will stop the foreclose on the property. I would still talk to a lawyer, but it sounds like a win for you and the lender. You assume the loan and the lender doesn't have to foreclose. Obviously, you win because you get to flip the property. 

Best, 

Hi Clay,

Hard money is the best option if you're getting started with none of your own capital. Institutional private money, and conventional lenders require you have experience and skin the game. 

Dave  

Constructive Loans LLC a division of Fay Servicing LLC is a direct private lender for non-owner occupied residential, and multifamily properties throughout the United States. We provide fast funding for a variety of real estate transactions such as fix-and-flip, rehab-to-rent, long-term rental, cash-out refinance, and multifamily redevelopment.

We are self-funded, allowing us to move quickly, and finance your project using 100% of our own capital at competitive rates. We are focused on providing excellent client service, a professional approach, and true reliability.

REHAB FIX & FLIP LOAN PROGRAM

Constructive Loans LLC a division of Fay Servicing LLC is a direct private lender for non-owner occupied residential, and multifamily properties throughout the United States. We provide fast funding for a variety of real estate transactions such as fix-and-flip, rehab-to-rent, long-term rental, cash-out refinance, and multifamily redevelopment.

We are self-funded, allowing us to move quickly, and finance your project using 100% of our own capital at competitive rates. We are focused on providing excellent client service, a professional approach, and true reliability.

REHAB FIX & FLIP LOAN PROGRAM

LONG TERM RENTAL LOAN PROGRAM

Give us a call today! We’d love to hear from you.

Hi Jeanette,

I might be able to help. Please check my profile, and message me if you're interested in learning more.

Best,

Dave