One of the many advantages of borrowing from a Private Hard Money Lender, like Capital Fund I, is that we perform all underwriting, documentation, and signings in house, therefore we can fund loans in 24 hours and even quicker in some instances. Trustee Sale purchases are under the biggest time crunch for a loan, which is why many turn to hard money lenders.
The process for a trustee sale hard money loan with Capital Fund 1 is as follows:
- Borrower wins bid at trustee sale auction
- Borrower provides CFI with property address and winning bid price via phone, email or text message
- CFI underwrites property to determine loan amount
- Typically, within an hour of receiving property info, CFI responds to Borrower with proposed loan amount
- Assuming borrower is agreeable, appointment is set for Borrower to come to CFI office and sign loan documents which CFI will then prepare
- CFI Orders a full title commitment for the property which is received before the loan is funded.
- Document signing occurs later that day or the next morning
- After signing CFI takes the borrowers Cashier Check as well as the Cashiers Check in the amount of the loan to the trustee and pays for the property.
The process for a loan on a property that is being purchased through escrow is very similar.