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How to Reconcile Families Who Inherit Property: A Uniquely Personal Lending Scenario

When faced with the difficult experience of navigating the decisions regarding an inherited family home, it can help to have an experienced lender on your side.

Providing private loans to heirs who inherit property is something Excel Trust Deed Investments has done many times and we continue to receive requests for these types of loans. Each lending scenario is unique and personal, and we are experienced in navigating the financial and emotional challenges.

Providing financial solutions at a difficult time.

Often children inherit the family home in which they were raised but disagree on what to do with the asset. One or more siblings may want to keep the home, while others can’t wait to receive that all-important inheritance they’ve patiently been waiting on for years. For some, there may be a need to cover caregiver expenses associated with the loved-one who has passed.

Regardless of the positions taken by the inheriting family members, we understand that everyone grieves differently and we’re here to help find solutions at a difficult time. We have helped many families work through these scenarios that are often fraught with emotion and complicated by disagreements.

Tailoring lending solutions to the goals of the family members.

Since in most cases these are non-owner-occupied properties, we can offer an interest-only loan for the amount required to buy out the other heirs and cover the fees. Based on the intentions of the heirs, we can tailor the terms of the loan to be long enough to establish a rental history and then secure long-term financing.

Often, we are also able to increase the loan amount by enough to cover some cash out for repairs, deferred maintenance, or other expenses to prepare the home for sale. We typically can get these loans closed in two weeks or less* with minimal discovery and pain.

We’re here to help.

If you or your client has inherited a family home, please contact us and we will assist by sorting through the personal situation and see if we can be of help.

And remember…

Excel Trust Deed Investments is the smart choice to fund your hard-to-place loans. Whether competing with cash buyers or building your dream home, we’ll leverage our 30+ years of lending experience and our extensive network of private investors to help you meet your residential real estate goals.

Sheldon Perry Excel Trust Deed InvestmentsSheldon Perry,
Founder, VP Investment Lending
Excel Trust Deed Investments

Sheldon founded Excel Trust Deed Investments (formerly Excel Financial) in 1986. Specializing in expedited and efficient loan closings, he applies creative problem-solving skills to every facet of the private lending process for his clients.

Julee Klein No Comments

How to Compete with Cash Buyers

Competing with Cash Buyers with a Bridge Loan

Competing with cash buyers? Consider a bridge loan for the win.

Over the past 18-24 months, we’ve closed dozens of bridge loans.

Many of our clients are pulling cash out of their existing homes to buy new homes. In order to compete with cash buyers, we will cross-collateralize our loan to fund enough so that the homebuyer is effectively paying cash for the new home.

This allows the buyer to close within 10-14 days (the same as a cash buyer) with no financing contingencies. This could be huge for many of your clients.

A recent client success story:

As an example of a recent transaction, our borrower owned a home in Saratoga. The home is worth $4.5M, they owe about $500k. The home they were buying was on the market for $3.9M, also in Saratoga. They did have some cash to put down but wanted to keep some as reserves and some for the improvements they want to make to the new home.

We funded a $3.8M loan secured by a first mortgage against the new home and a second against the existing home. They will do some improvements before moving into the new home. Likewise, once they’ve moved, they will do some clean-up and painting prior to staging and placing the existing home on the market.

The freedom of a bridge loan.

This bridge-loan home buying scenario provides borrowers with:

  • the freedom to work within their own timeline
  • the ability to compete with “all-cash” buyers
  • the option to avoid jumping through the mountains of paperwork that conventional lenders require.

If you would like to close your transaction within a few days without all of the hassles conventional lenders require, please give us a chance to show you just how seamless and easy we can make this process.

 

Sheldon Perry Excel Trust Deed InvestmentsSheldon Perry,
Founder, VP Investment Lending
Excel Trust Deed Investments

Sheldon founded Excel Trust Deed Investments (formerly Excel Financial) in 1986. Specializing in expedited and efficient loan closings, he applies creative problem-solving skills to every facet of the private lending process for his clients.

Julee Klein No Comments

Building a Dream Home with a Bridge Loan

 

Building a Dream Home with a Bridge Loan

Excel TDI helps a developer complete his dream home in an exclusive Lake Tahoe development.

Excel TDI just closed a $4.7M loan to help a developer complete his future home, while also facilitating a payoff on a loan that was coming due and payable against a commercial building in his portfolio.

The developer is building a home in beautiful Glen Brook, NV and fell short after all of his upgrades. The borrower was frustrated after being given the run around by a lender out of Southern California for nearly three months.

Once we touched base we had loan docs in escrow within 4 business days and we funded the loan and closed a few days later.

Our bridge loan product continues to set records for fast approval and funding:

  • The average loan amount is about $1.5M.
  • We’ve been getting approvals on most loans within 24 hours of submission.*
  • Loan documents are typically in escrow within 24 hours of approval.

Look to Excel TDI when you have a difficult lending scenario that must be closed FAST.

If you need your loan closed and your current private lender just can’t seem to cross the finish line or you don’t have time to waste, please give us a call.

Sheldon Perry Excel Trust Deed InvestmentsSheldon Perry,
Founder, VP Investment Lending
Excel Trust Deed Investments

Sheldon founded Excel Trust Deed Investments (formerly Excel Financial) in 1986. Specializing in expedited and efficient loan closings, he applies creative problem-solving skills to every facet of the private lending process for his clients.

Julee Klein No Comments

We’ve Set a New Bar with Bridge Loans

Setting a New Bar with Bridge Loans

When it comes to bridge loans, Excel Trust Deed Investments just set a new bar!

This week Excel successfully funded our largest bridge loan request to date, a $6,900,000.00 land acquisition loan for a 208 condo development.

The request was presented to Excel on May 4th and loan docs were ready to submit to escrow on May 18th, exactly two weeks after submission. This is a bit longer than our typical turn-around, but it is four to five times larger than our typical loan request.

Our bridge loan product is still setting records for fast approval and funding:

  • The average loan amount is about $1.5M.
  • We’ve been getting approvals on most loans within 24 hours of submission.*
  • Loan documents are typically in escrow within 24 hours of approval.

Please remember Excel Trust Deed Investments when you have a difficult loan request that must be closed FAST.

If you’d like to experience this level of professionalism and performance consider Excel Trust Deed Investments for the next loan you are looking to place.

 

Sheldon Perry Excel Trust Deed InvestmentsSheldon Perry,
Founder, VP Investment Lending
Excel Trust Deed Investments

Sheldon founded Excel Trust Deed Investments (formerly Excel Financial) in 1986. Specializing in expedited and efficient loan closings, he applies creative problem-solving skills to every facet of the private lending process for his clients.

Julee Klein No Comments

The Beauty and Benefits of Bridge Loans

Beauty and Benefits of Bridge oans

For the last two to three years, we’ve been getting a lot of requests from agents for bridge loans. Here’s why:

The typical scenario is that an owner wants to sell their house and downsize by purchasing a property that better meets their needs. They have equity but not a lot of savings to compete with the many “all cash buyers” out there these days.

We work with the owners, and once they identify the area and dollar range they’re looking for, we formulate a “battle plan” for them to make a competitive offer. Most go in and offer what is essentially an all-cash offer with a 2-3 week close.

Once their offer is accepted, which is more likely to happen with parameters like this, we instruct the escrow company for the home they’re buying to open an escrow on the home they already own. We then provide a loan to purchase the new home and cover all closing costs.

Depending on the scenario, we may just secure this loan with the property being sold (if the LTV is low enough) but in some cases, we may cross-collateralize the loan with the property being purchased. Once the old home is sold they pay off our loan. If the sales price of the old home isn’t enough to cover the payoff the referring broker will provide permanent financing.

Bridge loans have been a very successful and hot product with many benefits to the homeowner:

  • It allows the owner to compete with all-cash buyers.
  • It allows them to move into the new home at their own pace.
  • It allows them to make any repairs or improvements to the old home to better position it on the open market.

Most importantly, in this current economic environment, their old home continues to increase in value over the course of the time they take that, more often than not, covers the expense of our loan.

We just had a new spin on the bridge loan program.

We had a business owner in San Jose, CA who runs their business out of their home. They were at a point of growth where they wanted to buy a building for their business. They had enough equity in their present home to cover the cost of the building they are buying.

We provided the business owner/buyer with a $1,350,000.00 loan secured by both properties. They were able to compete with all-cash buyers and closed in 10 days. The referring broker will be able to secure a permanent 30-year fixed loan within the next year, and they will be able to grow their business to cover their expected growth over the next several years.

So consider a bridge loan, and if you have a borrower that needs to close FAST, please give us a call.

In many cases, Excel Trust Deed Investments is able to close loans up to $5,000,000.00 within two weeks with receipt of a complete package, verification of all material facts, and investor approval. Excel Trust Deed Investments has been in the private lending industry since 1986 and can help you through each stage of the lending process.

 

 

Sheldon Perry Excel Trust Deed InvestmentsSheldon Perry,
Founder, VP Investment Lending
Excel Trust Deed Investments

Sheldon founded Excel Trust Deed Investments (formerly Excel Financial) in 1986. Specializing in expedited and efficient loan closings, he applies creative problem-solving skills to every facet of the private lending process for his clients.