3/11/2019
What a whirlwind today. As I left my work and got to my phone, I didn’t have as many emails and text messages and I would like to have had. Then it started from there with a conversation with our real estate agent which led to a conference call with our conventional lender. He found out Friday night 3-8-19, from a contractor that was touring the property, that the outside condenser was stolen. We can’t get an appraisal for a conventional loan as it does not pass the min requirements. The prior to the call our real estate agent said that the lender had an idea on how to get around this issue.
While we may not go through the conventional lending path, Our Lender is also a Hard Money Lender. He said I trust you.
He then proceeded to Offer 3 Points. 12% interest for 9 month loan. He’s lenient and taking care of me. I constantly wonder why he is doing this? Perhaps to start a relationship? Long term business partner? Nevertheless it was based upon my financial history (as he has all my information) along with the mere 4 or so phone calls I’ve had with him that we’ve been able to develop this relationship where he has trust in me.
Went to the house with a family friend of mine. Got great numbers for HVAC and he and I walked through each room in the house to talk numbers.
Did my research with ARV when I returned and by 9 pm called Hard Money Lender to accept the offer and move forward. Simple as that. No contract. No handshake. Merely a phone call.
He’ll wire transfer the money tomorrow 3-12-19. House is ours.
