Is it me? Have I lost my mind? My compassion? Am I too cynical?
Typical conversation I have with a borrower:
Hardmoney Tom: Your property sounds fine, and I like making 45% loans on 20 acre parcels in Texas.
Potential Borrower: Great, how quick can you fund it?
Hardmoney Tom: I typically fund 3-7 days after I receive title and appraisal. Tell me more about this cash back refinance... How much do you still owe on it?
Potential Borrower: The bank is really jamming me up on this. The loan guy at the bank is a complete moron, and I refuse to call him anymore.
Hardmoney Tom: Oh, you are current on the existing loan aren't you?
Potential Borrower: Yeah. I have been setting aside all the payments for the last 6 months.
Hardmoney Tom: Setting aside? What does that mean? Are you current and up to date with the existing loan you have now?
Potential Borrower: Yeah, I have some of the payments right here. The jerk at the bank told me they won't accept my payments anymore. Can you really fund this new loan in the next 3 days?
Hardmoney Tom: Hmmmm... Sounds like the "idiot" bank has you in foreclosure. What happened? And when is the foreclosure sale date?
Potential Borrower: I told the guy at the bank that it might be a while for me to get back on my feet. But I specifically told him that eventually, I would get all my missed payments caught up.
Hardmoney Tom: How many payments behind are you?
Potential Borrower: The bank says I am 11 payments behind, but that's not right. They have some stupid accounting system... The foreclosure sale is set for next Friday. Can you close this new hard money loan in the next 3 days like you said you would.
Potential Borrower: I just want to get away from this bank... I don't like them.
Potential Borrower: I am not that picky about interest rate, but we do need to close quick.
Hardmoney Tom: Your property sounds fine, and I like making 45% loans on 20 acre parcels in Texas.
Potential Borrower: Great, how quick can you fund it?
Hardmoney Tom: I typically fund 3-7 days after I receive title and appraisal. Tell me more about this cash back refinance... How much do you still owe on it?
Potential Borrower: The bank is really jamming me up on this. The loan guy at the bank is a complete moron, and I refuse to call him anymore.
Hardmoney Tom: Oh, you are current on the existing loan aren't you?
Potential Borrower: Yeah. I have been setting aside all the payments for the last 6 months.
Hardmoney Tom: Setting aside? What does that mean? Are you current and up to date with the existing loan you have now?
Potential Borrower: Yeah, I have some of the payments right here. The jerk at the bank told me they won't accept my payments anymore. Can you really fund this new loan in the next 3 days?
Hardmoney Tom: Hmmmm... Sounds like the "idiot" bank has you in foreclosure. What happened? And when is the foreclosure sale date?
Potential Borrower: I told the guy at the bank that it might be a while for me to get back on my feet. But I specifically told him that eventually, I would get all my missed payments caught up.
Hardmoney Tom: How many payments behind are you?
Potential Borrower: The bank says I am 11 payments behind, but that's not right. They have some stupid accounting system... The foreclosure sale is set for next Friday. Can you close this new hard money loan in the next 3 days like you said you would.
Potential Borrower: I just want to get away from this bank... I don't like them.
Potential Borrower: I am not that picky about interest rate, but we do need to close quick.
posted by hardmoney Tom at
6:59 AM
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