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Success Story – Short Sale

With apologies for the unintended alliteration...we all know how challenging it can be to obtain a bank loan these days, even for borrowers with good credit, good income, and good assets. Imagine trying to get a loan to buy a new home after having just experienced a short sale! Most banks won't even talk to a borrower who has had a short sale within the last two years, sometimes even longer with certain institutions. Buyers in this circumstance are, effectively, pre-empted from buying a new home until at least two years have elapsed since the short sale. Getting a new loan for a client like this would be impossible, right?

Not so fast! I am very pleased to announce the recent closing of an $850,000 purchase loan for clients in precisely these circumstances. Jim Lackey Associates has extensive relationships with a variety of lenders, one of whom was willing to look "under the covers" at the background of the short sale. What they discovered was a borrower who had been adversely impacted by a company-initiated relocation from another part of the country to California, which prompted the need to sell the property quickly and in less-than-normal market time. The remainder of the borrower's profile was favorable: steady income, good liquidity for the down payment, very little additional debt. The result: we were able to help this client by arranging a loan for them.

While much of our work focuses on "difficult" loans that are not financeable by institutional lenders, i.e., spec construction loans, cash-out refinances for business purposes, self-employed borrowers, etc., there are occasionally instances where we encounter borrowers who can, in fact, qualify for conventional financing, but aren't sure who to approach. In these cases, we work with institutional lenders we believe can meet the client's needs. This is a great example of just such a situation.

If you encounter clients with "unusual circumstances," please do not hesitate to give them our phone number. We'll do our best to help!

Client Testimonials

"Jim, we will be signing loan docs tomorrow; how long after that do we get the keys to our new home? WHOO HOO!!! My family can't thank you enough! After all the false starts we had with multiple banks and mortgage brokers, we thought for sure our dream of buying this home was dead. Now, my wife is actually in shock that this is really going to happen. I really can't put into words the joy my family is feeling right now thanks to your expertise and expert handling of this loan. The housewarming party will be a blast; we hope you can join us!"

R. Farajollahi, San Diego, CA

"PrideCo Secured Loan Fund is a $25mm asset-based lending fund located in Oakland, CA. We have business and real estate loans all across the United States. But without question, the best loans we have done, the best service we've received from a broker, and the best access to local deal flow has been with Jim Lackey. We employ three full-time underwriters and everyone would agree that loans that are originated by Jim are consistently high quality and ready-to-fund. It is a joke of ours that the best real estate loans we've made in the last 2 years, and this is because of Jim, have been in Southern California - considered one of the epicenters of the real estate meltdown. I would, without hesitation, recommend Jim Lackey to any investor."

B. Small, Oakland, CA

"I had been trying for months to secure financing for the construction of my new home, but without success. Jim was referred to me by a family friend, he got involved immediately and got things done, involving himself in every aspect of the process and coordinating a group of three private lending sources to get my loan funded and construction started. He was very responsive to phone calls and emails and because of his experience in the market place, confidently guided my wife and me through the many issues that always come up involving transactions such as ours. I would highly recommend Jim's services."

B. Jordan, Rancho Santa Fe, CA

"I have known Jim for nearly 20 years. I have invested with him and found the transactions to be straightforward and very profitable; in fact, our loan actually paid off earlier than expected so I received a higher ROI then was initially indicated. How often can one say that about investments they have made over the last few years?"

C. Fitch, Encinitas, CA

"I've known Jim personally for over 12 years and have worked with him on various business transactions over the past 4 years. Jim has presented all of the facts and risks, and has continually communicated with me in a very professional, timely manner. Jim's results have exceeded my expectations, and we've even remained good friends, which show that you can mix business with friendship. I would highly recommend Jim to anybody who is looking for a good investment or who is in need of a loan."

R. Wilson, San Diego, CA

"Thank you for helping us get financing on our most recent loan...and the two prior ones! You are well-connected and it always surprises us when we find out how many mutual business friends we have in common. You are thorough and get the job done. Since we are self-employed (even with perfect credit and a great income) we find it difficult, if not impossible, getting traditional financing. You always seem to find an investor who is a good fit for our needs. It is nice to know that your service exists...we look forward to working with you again in the future."

G. Jones, Olivenhain, CA

"I am a local business owner who over the past 30 years has had the opportunity to develop real estate to support my core business and to invest in many varieties of real estate related investments. I am a conservative investor. I have known Jim Lackey for six years and recently agreed to become a lender for a secured real estate development project Jim was engaged to fund for the borrower. Jim, as the loan originator, has been very impressive to work with. The due diligence process Jim supported with the various lenders involved in this project was impressive. In the end, the borrower, lenders and Jim had a very clear understanding of the terms of the loan, risks involved and level of security that was conservatively stated. While my first investment with Jim has not yet gone full cycle, the level of comfort and professionalism exhibited has been impressive. I look forward to a long and mutually-beneficial relationship with Jim's company."

M. Fischer, Rancho Santa Fe, CA

"While I have completed just one transaction with Jim, it was very successful and performed as expected. I will strongly consider investing with Jim on other deals in the future."

T. Arnett, San Diego, CA

"I have known Jim and worked closely with him for about 8 years. Jim is what every Broker should be...honest, ethical, thorough in his evaluation of every project and responsive. At any time, even after a project is completed, Jim always calls back. My return on real estate investments that Jim originated have been well above today's average returns. I will continue to work with Jim whenever the opportunity presents itself. Maybe most important of all, Jim is the ONLY Broker I know that does everything within his power to minimize the investor's risk. As someone who has invested with numerous Broker projects, that is a VERY rare commodity."

J. Morehouse, San Diego, CA

"Having recently completed the funding of a construction project for one of Jim Lackey's clients, I am very impressed with Jim's knowledge and professionalism in handling the transaction. Jim knows his clients, the project and how to structure the transaction so that all the parties reach their objectives. I look forward to my next transaction with Jim's company."

J. Paeske, San Diego, CA

"I was recommended to Jim by a local banker due to the speculative nature of the real estate project I was working on. Jim demonstrated professionalism from the beginning and followed up every step of the way. He introduced me to a qualified investor, guided me through the complicated loan document process and fund control. Even after the loan was in place, Jim was there to follow up and answer any questions."

S. Reeder, Encinitas, CA

"In today’s lending / financial market owing your own business is not viewed as favorably as it was a few years ago. To obtain a financial package for a home mortgage under this scenario requires someone who believes in you and what you have accomplished. Jim is that person! He worked his network to find the right individuals who could deliver. Jim stayed involved in the process the entire time and made sure those last minute surprises were adverted. I would certainly recommend anyone to use Jim’s services."

Vincent M, San Diego, CA

"In the current economic environment, it is increasingly difficult to find double-digit return investments that have a high margin of safety. One of the advantages of working with Jim is that he underwrites all his private loans with a keen eye towards protecting investors' principal. Jim consistently delivers attractive deals and provides excellent customer service. I highly recommend him."

C. D'Agostino, Jr. San Diego, CA


Jim Lackey is a licensed real estate broker, CalBRE # 01457183, NMLS # 277266.