Expert Problem Solver – This LichtensteinRE still makes house calls!
No one can close so quickly, and also provide long term fixed rate financing. Until now, if you had a difficult property financing request or if you felt your property had been ignored or “redlined” by banks, the only solution was to use expensive short term private lenders.
That is why we created our direct private lending division. We are the solution when you need a fast closing where the property is located in a less than desirable neighborhood. Being a broker is not enough.
LichtensteinRE®™ uses its own capital to finance “unconventional” & unique opportunities that “fall through the cracks” of institutional sources.
LichtensteinRE®™ has stopped foreclosures
LichtensteinRE®™ successfully closed a deal for desperate owner of a Harlem, New York City property who had been paying 18% interest. The mortgage on her apartment building was coming due, and her private lender threatened to foreclose upon maturity of the balloon mortgage.
The property had 90 non-safety violations, and although she corrected them, city agencies never come to inspect or remove them. She and her husband had excellent credit; nonetheless, these minority owners had been rejected for financing by numerous sources.
LichtensteinRE®™ met the challenge, by funding this mortgage directly. Now this property owner enjoys stable, long term 30 year fixed rate, self-liquidating financing without any balloon risk. They have come back to LichtensteinRE®™ and borrowed on numerous occasions, including one time that LichtensteinRE®™ arranged the sale of one of our other client’s building to them and provided their acquisition financing as well.
LichtensteinRE®™ provides cash-out
A minority owner of a Mount Vernon, New York property, enjoyed long term ownership and positive cash flow but had previously been denied refinancing to tap into the equity of his property.
LichtensteinRE®™ reviewed the historical income and expenses of the building’s tax returns, as well as the good credit of the owner, and determined that permanent financing would benefit the principal.
Additionally, the owner recognized that “cash out” is a “dirty word” to most banks; without LichtensteinRE®™‘s commitment, he might not otherwise have been able to use his property’s large equity. The time was right to use the $200,000 of surplus financing to buy another property that he previously could not acquire.
This deal was made through a broker that called LichtensteinRE. As direct lender or as financier,
LichtensteinRE®™ protects and pays referral fees at closing to licensed real estate brokers and attorneys.
LichtensteinRE®™ closed so quickly the buyer got a discount
An owner of many Manhattan investment properties wanted to finance the acquisition of an East Village, Manhattan apartment building. This buyer had been negotiating for several years and he would enjoy a below market price, only if he could close quickly.
The organized purchaser completed our application, and requested a “conditional commitment” to show the seller. The commitment was issued and the professional reports were ordered the same day. We closed the mortgage in only 7 days from receipt of completed application and documentation.
The investor enjoyed a price reduction for closing so quickly.
When the going gets tough, LichtensteinRE®™ gets you to the closing tabe
A bank’s appraisal turns out to be disappointingly low far below what would have been necessary and the buyer did not have enough cash to complete the purchase of the property. LichtensteinRE®™ spoke with the bank which ordered a revised appraisal. The transaction was saved.