Physician Uses Raisal, Saves Over $50,000 And Closes Deal In Less Than 30 Days
Physican and real estate investor pledged his medical office building as collateral to receive a $1 million hard money loan to seize an urgent opportunity. Using the Raisal platform helped save him over $50,000 and close the deal in less than 30 days.
Dr. Gerry is best known as a respected physician in the Tampa area. In his free time, though, the doctor is real estate investor and when a local property became available, he wanted to seize the opportunity. It would not stay on the market long at a cost of $1 million.
In order to generate the cash to move forward in a short period of time, Dr. Gerry made the decision to tap the equity in his medical office building, which he owns free and clear.
Finding a lender to offer a line of credit in this situation is hard enough — in the time Dr. Gerry needed it is extremely difficult. For hard money lenders that accepted, he could expect a rate in excess of 10%.
Knowing the challenges to secure a loan in the time frame required, Dr. Gerry submitted his deal through the Raisal platform. Our algorithm was able to quickly identify a lender that could fund his request within the time constraints – saving him time, money and the opportunity to purchase a new investment.
By using Raisal, Dr. Gerry closed on his deal in less than 30 days with a rate of 5% — half of what he could have expected otherwise. On his $1 million loan, he saved approximately $50,000 finding a lender on Raisal.