Prez
USA#2
Wed, September 16, 2009
SF continues its commitment to funding loan transactions. However, we can only fund loans based on the current market as-is value of the property.
The fee referenced in the post was applied towards due diligence costs, commitment to funds, underwriting, and legal costs. Unfortunately the market has taken a substantial hit in the wake of the sub-prime crisis and demand for properties has slowed down, therefore driving as-is prices down. As lenders we always have to focus on current as-is market conditions. The borrower believed that his property / location was not affected by the crisis and was thus left upset with the resulting evaluation. This process took two weeks and an offer was issued, based on the current as-is value of the property. This company is built on integrity and exceptional customer service which was provided during this transaction.