FOR IMMEDIATE RELEASE
Commercial Private Equity, LLC
HARD MONEY MADE EASY
Commercial Private Equity, LLC is pleased to announce the successful closing of a commercial hard money, fix and flip loan in Washington State. Per Chris Polk of Commercial Private Equity, LLC, “you must understand, this loan is 3000 miles from home for us. It is not down the street. Of course, the kneejerk reaction is of course NO. However, we were introduced to a borrower that was in trouble on a commercial property. The borrower could not have been nicer and more helpful, which helped immensely,” Polk said.
“According to the borrower on their application to us, they had invested substantial funds into the property when suddenly and with no warning, their local bank pulled out stating that the property was too rural for them. This made no sense to us at all,” proclaimed Chris Polk. “The property did not move since they made the first loan, did it? How is it now too rural now when it was not only months ago when they made the loan?” Chris Polk asked.
“They also advised us that they were subsequently turned down for the same reasons by numerous other banks in their area which, frankly, was very concerning to us,” Polk said.
At that juncture and according to Chris Polk, “We had a conference call with the borrower and they explained their dilemma to us. Basically, they were 75% finished with the project; however, they were about to be forced into selling the property at a fraction of the value as they were unable to get anyone to help them financially finish their project. That is when we, Commercial Private Equity, LLC came to terms with the borrower and stepped in. They provided a recent appraisal, so we immediately got in touch with their appraiser. After speaking with him and reviewing his appraisal, we accepted the appraisal and agreed to fund. We immediately opened escrow on the following Monday and closed the loan on the next Monday, only 7 days later. From introduction to closing was literally about two weeks”
“Commercial Private Equity, LLC has now proudly provided this borrower and his family the peace of mind knowing he now has the funds to complete his project and flip it hopefully at a huge profit for them even though this is not our normal loan as to type and size” Chris Polk avowed, “We are happy to help!”
At Commercial Private Equity, we have made it our mission to make the real estate business safer for everyone by replacing the traditional financing model with a secured first mortgage at a low loan to value. Our processes are such that we manage to maintain a good rate of return, while also reducing risk as much as possible.