Private Money Loans with Fairfield Financial Services, Inc.

Express Loans

Under the right circumstances we can close loans in less than a week (and sometimes even faster). Don't get me wrong. If the loan isn't a good fit for private money and either the broker or borrower is slow to provide the critical pieces we need for due diligence, then it will not be possible to push a loan through overnight. On the other hand, if you bring us a good strong packet on a loan that clearly fits within our guidelines, we will put it on the fast track and make sure it gets done on time. We know that private money isn't always the cheapest option available, but we make sure to compensate for that by being the fastest option you'll find. The following is one example of an Express Loan we did recently.

Scenario: We were approached by a young real estate investor who made his living buying distressed properties, rehabbing them, and then quick selling them. This borrower, who had excellent credit, had locked up an option to buy a 3,200 SF property for $120,000 from a distressed seller. With rehab costs estimated at $10,000 and a projected sales price of $195,000, this was a winning investment for the borrower.

Problem: The borrower had entered into the purchase and sales agreement just ten days before the property was to be sold at auction. He had a "firm" commitment from a private lender to finance the purchase, but just two days before the scheduled sale date, the lender backed out of the transaction. It appeared that the borrower's only option would be to persuade the bank to postpone the auction, but the bank would not budge.

Analysis: We received a full packet on this loan at 3pm just 24 hours prior to the auction. We decided that it was a strong packet, a strong borrower, and a strong loan, and that we wouldn't let it get away.

Solution: We put it on our fast track. We arranged a loan to cover both the purchase money and the renovation fund. We drew up documents that same day and coordinated all of our movements with the title company and the foreclosing bank. We closed the transaction by noon of the following day.

Needless to say, or borrower was pleased and we have since become his primary source for private money.