The Joist Deal of The Week

Ralph Abbott

The Joist Deal of the Week for the first few days of November 2020 highlights a unique double-rehab situation. The borrower came to us with a deal for a planned-rehab property that was only half finished before it went into delinquency. This gave the borrower leverage to purchase the property at a discount and continue with the plans that were paid for and supposed to happen.

Other lenders that the borrower previously tried to work with perceived this to be too risky. Those other lenders didn't want to finance a half-baked project. But Joist saw this as a no-brainer. We navigated through the title complications which enabled the borrower to purchase the property and rehab it within the same year. The deal worked out great and Joist was happy to work with the borrower who is now a trusted partner.

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