Challenge / Opportunity: Borrowers needed to close quickly on the purchase of a six unit apartment located Mid-Peninsula in the San Francisco Bay Area. Borrower’s institutional lender withdrew at the eleventh hour due to a foundation issue, just days before the purchase contract expired.

Solution Provided: Redwood Mortgage reviewed the foundation report and recognized that the cost to repair was quantified. Redwood issued an approval and closed the loan within seven days of submission, allowing the borrower to save the acquisition, as well as deploy the 1031 exchange funds they used in the transaction.
Aggressive pricing was offered due to strong borrower financials and low LTV.