Bring us your Small and your Quirky

Bring us your Small and your Quirky

December is a challenging month for many of us. We feel pressured not only to work harder and make more money, but to find more time for our friends and families as well. I know that I try to clean up my desk in December and clear the way for a fresh start in the New Year. If you are trying to do the same, we at Fairfield may be able to help.

We would like to put together another dozen or so small quirky little loans before Christmas rolls around. We don't mind small and we don't mind quirky. To give you some idea of what I mean, here is a sampling of loans that we have closed during the past two weeks.

Small Quirky Loan Number 1
We did a cash-out refinance for $80,000 on an old homestead ranch property in Halfway, Oregon (which quite frankly is half way to nowhere). Other lenders wouldn't touch this one because the home was not structurally sound. We established a construction fund to take care of the foundation repairs (which the borrower wanted to do anyway; they just couldn't come up with the money in advance of the loan) and the problem was solved.

Small Quirky Loan Number 2
We did a $55,000 loan to a borrower who was building his own home in St. Helens, Oregon. The home was 80% complete and the borrower had run out of money and needed a loan fast to keep his workers on the job. I spoke with him on the Monday before Thanksgiving and we funded the loan on Wednesday of that same week.

Small Quirky Loan Number 3
We did a $55,500 purchase money loan on a small light industrial condo property in Vancouver, Washington. The borrower had $30,000 to put down from the sale of another property, but the broker couldn't find any commercial lender who would bother with a commercial loan this small. The borrower needed to close quickly so as not to loose his option to purchase. We went forward without an appraisal and had the loan completed in less than a week.

Small Quirky Loan Number 4
We are just now finalizing a purchase/rehab loan for $65,000 to an investor who had had his funding option go away at the last minute. The borrower is purchasing a ratty little property on a busy Street in Portland for $49,000. We loaned the funds for purchase money, rehab money, advanced interest, and closing costs.

These are just a few examples of the kinds of things we don't mind doing. Go ahead. Clean up your desk. Bring us your small quirky little loans, and maybe we can put them together for you. In the end, we may all end up with a little more money and a little more time to spend with our families and friends.