Our borrowers needed to act quickly in order to purchase this multi-family property. Pressed for time, and with their usual bank dragging their feet, they came to us asking for the impossible: A quick close, that wasn't expense.
This is where Blackburne & Sons is different from most other private-money lenders. While most private-money lenders can close quickly, they usually charge a boat load of points up front AND have a prepayment penalty on the back. Not us.
We NEVER have prepayment penalties on any of our loans. In addition, we make our money on servicing, so we don't gouge the borrower up front.
With our unique loan structure, we were able to give this borrower a loan to close on the property, while not eating into their equity nor locking them in for years.
Have a borrower that needs to close quickly, but plans to refinance later? Give us a call.