Private Money Lender for Foreclosure Auction Loans
Lendmore Capital has been providing loans to qualified borrowers for real estate projects for nearly a decade. Trustees sale loans are one type of financing we provide for foreclosed properties. Over the past nine years, Lendmore Capital has provided funding for hundreds of such loans.
Trust our experience in the financing industry and let Lendmore Capital provide you with the loan funds you need to purchase a property that has been foreclosed on and fix and flip it.
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How Do Trustee Sale Loans Work?
Upon closing a loan on a property, a deed of trust is recorded, which serves as an agreement between three parties: the borrower, lender, and trustee (a third party not involved in the loan, such as a lawyer, broker, or title company). Lenders will alert the trustee when borrowers go into default and do not become current with their payments after 30 days. At that point, the trustee will begin the foreclosure process.
To determine the starting bid amount, the trustee works with the lender. It is then determined when the foreclosure auction will take place, or the trustee sale. Potential buyers bid for the property on the day of the trustee sale at the predetermined starting bid amount in order to outbid other investors. A 24-hour deadline will be given to the winning bidder to come up with financing. The winning buyer may obtain financing for the trustee sale from Lendmore Capital at this point in the process.
Who Qualifies for a Trustee Sale Loan?
Because we are an asset-based lender, we do not conduct credit checks or other time-consuming and invasive checks. Upon accepting the terms, the borrower will be responsible for submitting their request, paying the doc fee, and making their monthly payment.
Because Lendmore Capital does not do credit checks, they make a loan quote based on a property’s underwriting. Due to this, they can provide same-day loan quotes for trustee sale loans. Our team is able to provide financing on time once the borrower has agreed to the loan amount and the terms that go with it. Lendmore Capital has never missed a trustee sale closing since they started providing trustee sale loans in 2009.