On Wednesday,, October 2, at 3:09 PM we received an email from a mortgage broker asking if we could close and fund a loan in two days. The property securing the loan would be an apartment complex in Galveston, Texas, owned free and clear. The cash out would be used for the down payment on new acquisition, which needed to be closed by Friday, October 4 at 5:00 PM, or the borrowers/buyers would lose a $50,000 earnest money deposit and the opportunity to purchase the property. Their previous “lender”, who was actually a broker who claimed to be a direct lender, finally admitted his inability to perform.
Since an acceptable appraisal had already been performed, and title had been opened and was clean, we were able to close AND fund the loan by 11:00 AM on Friday, Oct 4, less than 44 hours from when we were first contacted!