Sandra Adrian, an existing Line of Credit client with DLP Direct Lending Partners was searching for funding to acquire a four-bedroom/3-bathroom single-family residence located in Jacksonville, FL.
DLP Direct Lending Partners was able to step in and partner with Sandra to offer her a fix and flip loan, which would enable her to acquire the distressed property, renovate it, and later sell the property to generate a high return on her investment.
The loan originated on Aug. 28, 2019 and the closing package arrived at the title company on Sept. 6, 2019, only six business days from the origination date.
“Although Hurricane Dorian was passing at the time and we could not have insurance bound on the property, DLP made it happen. We closed the loan at a super speed, without having to use our Express Loan product. Our client was initially approved, with the exception of being a T5 borrower, extending her a Line of Credit for $500,000 in April of 2019. Since she has completed two flips and paid off her previous loan, we upgraded her tiering to a T4, extending more leverage for her to acquire this property,” says Nader Hack, Senior Funding Specialist with DLP Direct Lending Partners.
Sandra comments, “I could not believe you closed this loan in less than seven business days. That was really quick. Thank you for the increase in leverage as well; no other lender will do that.”