Toby from Direct Funding pitches hard money lending to Billy, a real estate investor stuck in bank escrow on a $200,000 fix-and-flip. Toby promises a 72-hour close versus the bank's 3-4 week wait, needing only title, appraisal, and paperwork by that afternoon.
Hey Billy, Toby here with Direct Funding. How are you, man? How's that project going?
Dude, I've been stuck in escrow for 2 weeks now. The bank just hit me with more paperwork and they said it's going to be another 3 to 4 weeks to close.
You got a contract, right?
Yep. It's a fix and flip. Purchase is $200,000, $50,000 rehab. ARV is roughly $350,000.
I mean, it sounds like a solid flip. What seems to be the delay? Are you going through a bank?
Yeah, I'm going with the bank. I'm looking for somebody who's not going to slow roll this process anymore with you know, W-2s, tax returns, all that other garbage.
We're a direct hard money lender. This is a slam dunk for us. When do you need to close this puppy?
Man, next week would be great.
You've got all your paperwork, you've got title, you've got the appraisal. You get that over to me this afternoon. It's Friday afternoon, about 2 o'clock. I can get you closed in 72 hours. So even though it's the end of the month and we're slammed up, you know I want to earn your business. So I'm going to jump on this thing and get this puppy closed for you, but you got to get it over to me right now.
Dude, that's amazing.
All right, buddy, thank you.
Talk to you soon.
