Clay Sparkman
Because I have found that one of the best ways to learn is by way of example, I like to give frequent examples of actual loans that we have funded. The following loan was funded quite some time ago, but is quite typical of the sort of thing that we are looking to do more of today.
Fairfield Financial had the opportunity to work with a subcontractor who had been turned down by his bank for a remodeling loan. After a lengthy and tedious application process, he had been bluntly rejected because his documented income was too low. Next, he was referred to a low-income program, where after another lengthy and tedious process, he was told the opposite: that he made too much money to qualify.
His Realtor, having heard about Fairfield Financial, suggested that he give us a call. Within 24 hours of his contacting us, we had assessed the situation and were able to make a commitment to arrange financing for his project. Within three weeks he had his money and was moving rapidly forward on the project. The loan was made as a combination equity loan of $55,000 and construction holdback of $55,000, with these holdback funds dedicated to completing the project. The borrower expected to make a profit in the realm of $100,000 upon completion of the project.
Once again, Fairfield Financial is helping individuals and businesses complete projects that don’t fit the molds of the banks and institutions, but clearly make good sense.
— Clay (clay@privatemoneysource.com, 503-476-2909)
Clay is Vice President of Fairfield Financial, a primary source for private money since 1964. Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php
Tags: construction loans, hard money borrowing, hard money brokering, hard money loans, private money borrowing, private money brokering, private money loans, Quick flip loans, real estate, real estate investing, rehab loans
