We received a call from a borrower that owned a free and clear auto repair building. She inherited the building from the borrower’s father and had plenty of equity for a $150,000 loan. She mentioned being behind in property taxes and credit score was low in the 600’s. We explained we could do the loan, would like to meet with her, shake a hand and take some photos for the file. The only problem was this was an auto repair building and required a Phase 1 at a cost of $2,500. The borrower didn’t want to pay the $2,500 and moved on to another lender. Weeks had gone by and we presumed the borrower completed the loan with another company. The borrower called back later. She said, “I have an environmental report and would like to do the loan with Fidelity”.
Of course, we asked what happened. The borrower explained she tried working with another lender and lost faith in them. She felt they couldn’t deliver, after giving her one excuse after another. We were amazed their decision took so long.
Fidelity used her environmental report and closed in a week.
Our new borrower said after the loan closed “You explained everything in a professional manner, made everything understandable and I had full confidence in Fidelity.”