Fidelity Funding Funds Conventional Purchase Loan in Less than 28 Days for a Condo in Los Angeles County that was Denied by 7 Lenders for a borrower with a tricky income situation.
The buyer was unable to obtain a loan for 20 days from the date of the purchase agreement and was unable to extend his contingency removal any further than he already had. The loan was then referred to Fidelity Funding for review.
Fidelity Funding was informed that the income was an issue for every lender the loan was submitted to. The loan was sent to underwriting, reviewed, and pre-approved same day. The agent and borrower were hesitant to proceed, but were reassured there would be no issues.
Upon receiving the green light to proceed, initial disclosures were electronically sent to the borrower within 2 hours along with a list of 3 to 4 items that were expected to be requested upon receipt of the loan approval. Within 24 hours, loan disclosures were signed and the appraisal was ordered.
Less than 48 hours later, a conditional loan approval was received. Borrower was hesitant to remove contingencies, because of the bad experiences he had with the previous lenders not accepting his income. The borrower was a W2 recipient converted to a K1 recipient for guaranteed payments by his employer in 2018.
Loan conditions were received and submitted. All conditions were cleared in one week. The only reason the loan didn’t close in less than 20 days as anticipated was due to the 4506-T results taking 7-10 days to be received.
The borrower’s closing costs were a little over $5,000, with impounds added totaling $7,200 and change. The borrower received a $2,865 rebate towards costs with a 4.5% rate for a condo at 80% LTV.
In addition to lending on single family residences, Fidelity Funding provides financing on a wide array of property types including office, mixed-use, retail, industrial, both non-owner occupied and owner-occupied.
As for Fidelity Funding’s typical borrowers, our customer base is fairly diverse; borrowers range from builders looking for rehab financing, to individuals who are looking to purchase or refinance an investment property. Fidelity Funding is a San Diego hard money lender, Los Angeles hard money lender, and San Francisco hard money lender, Orange County hard money lender and provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property.
ABOUT FIDELITY FUNDING
Fidelity Funding specializes in providing loans to almost every type of property, both residential and commercial. We arrange both lst, 2nd, and 3rd trust deeds, including home equity lines of credit. We provide Hard Money Loans, Alternative Financing Loans, Commercial Loans, Residential Purchase and Refinance loans, Government Loans, Reverse Mortgages, Business Capital Loans, Construction loans, Fix & Flip loans, bridge loans and much more. We offer low rates and a simplified loan process.
Loans are made or arranged by Fidelity Funding pursuant to California Bureau of Real Estate #00785027; NMLS ID 304265. The information above is deemed reliable but is not guaranteed.
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