My Best Deal

For Once, What Was Needed Was A Land Line

Name: Susan Heren

Job Title: Loan Officer

Business: Movement Mortgage

How much was your best deal for?

$202,500

What made it your best deal?

A couple purchased a home on a land contract 11 months prior to coming to me. They had to pay off the land contract by the end of the 12th month, which was December, or the land contract holder was going to foreclose. They purchased this home with an advance from their credit card and was it was a home they were going to flip.

They had already spent several thousand dollars and sweat equity on this property. A few months into doing .the work, the wife had open heart surgery so she was unable to help with much for the physical work that needed to be done. This also kept her from her regular job and her YTD pay was decreased. They had intended for all of the work to be done and the house sold in the 12 months they had for the land contract. Since her medical issue, they were significantly delayed in getting the work done. Their time was almost over when they came to me for financing. However, the work was still not complete so we needed to do a renovation loan to finance the rest of the work that needed to be completed.

What else?

With a renovation loan they needed a contractor and a bid to close the loan. They had been doing all of the work themselves. They found a contractor, already had all of the materials that were going to be used, and we were off and running. Income and debt ratios were very tight as they had other income properties as well.

A trip to their home at 10pm with a white board, their list of income and their list of liabilities to show how they would get it done was required to make it all happen. With the holidays happening and them out of state on vacation, we were able to get this renovation loan closed within the 30 days just before their land contract ended. They closed with a mobile notary while on vacation over the holidays.