A real estate team rescued a distressed project three months behind on payments and $27,000 in unpaid taxes by structuring a no-money-down deal: they paid off liens and deferred payments six months, loaned 75% of the $1.23 million value, and added $50,000 for completion. The borrower walks away with roughly $300,000 cash.
They're 3 months behind on their, uh, they've had the project for 2 years. They're 3 months behind on their payments. They're $27,000 behind on their property tax. They've got a 640 FICO score. They're in a hard money deal that they owe them 2 points on the back and they had to bring $70,000 to the table. Because of my creativity and the being in business for long, for as long as I have, I talked to everybody. I made everybody understand. I made things work and I literally got them to the table with no money down. Funded the deal and they're not going to have payments for 6 months. And they pay. I paid off the first lien, the second lien, and their property tax that they haven't paid in 3 years. Crazy. We— but you know what? But you're investing in people. We literally get them out of that, get them a new loan, pay off their existing loan, get them the money they need to finish, and then we get them to the table and then they become a client for life.
Well, now they're grateful. They're so grateful. Now they're grateful and like, holy shit, everybody else had given up on us. I was starting to give up on me. Ran into Clint and his team and they believed in us. By God, I'm going to make this happen now.
And it does. It gives people hope. It gives them a chance. They're going to put it on. It's worth $1.23 million. We're loaning 75% of the value as is right now. And we gave them $50,000 so they can finish. They're going to get back on their feet. They're going to have $300,000 in the bank. It's all they needed was a little—
