Hi all: I ran into a situation yesterday where a competitor claimed they can do a purchase loan on 22 acres. In talking to the realtor we knew that most mortgage banks couldn't do the loan due to the fact it is on more than 20 acres per Fannie Mae and Freddie Mac.
We have portfolio loans so would entertain the idea but it needed to go to loan committee so I couldn't give it a 100% approval. Enter competitor bank who claims they can portfolio the loan and they already have an approval. Mind you this bank is extremely aggressive and this bothers me.
Unfortunately, I've picked up too many pieces on broken loans where a bank claimed they could do a loan and then changed their mind all the while making a bunch of excuses. Personally, I refuse to go there. A Promise is a Promise...Make Sure they Can Deliver!
I am hopeful that the bank can come through. The clients are well qualified and really want to buy this property. If something falls apart, I'll see if I can help. Again, be wary of promises. There is too much at stake! If you have further thoughts or questions, please either respond here or
Have a great day!
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