REO (AND OTHER UNDER MARKET) PROPERTY ACQUISITION
Fairfield Financial Services is pleased to announce a REO/foreclosure property acquisition program, whereby we are frequently able to arrange financing for 100% of the purchase price of such properties. For a detailed summary of our process, see the Rehab/Construction Loan FAQ. The essence of our REO acquisition program is as follows:
- First you contact us regarding a specific loan proposal. If the basic proposal is sound, we ask the borrower or broker to submit a loan packet.
- After reviewing a loan packet, we examine the property and make a reasonable conclusion as to the value.
- We loan up to 75% of value (frequently 100% of purchase price).
- We are looking for situations where the borrower is buying well, and has a solid plan for completing the project.
- On many occasions, we loan the fix-up money as well. (This involves disbursing the money as the work is completed, as with a conventional construction loan.)
- Loans are for one year, and payments are interest only.
- There is a 3-month minimum interest guarantee (no long-term commitment).
We generally close within less than two weeks, and can close a loan in less than one week to accommodate a rush situation.