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Despite his success, Shaughnessy never forgot his roots and remained committed to giving back to the community. This prompted him to move back to Boston and join Renovo Financial in 2020 after being impressed with the company’s energetic culture and impactful lending.
The REO is sold, and a balance remains. You find yourself a “sold out junior”, or the REO didn’t gather the full balance owed on your loan, so the collateral is exhausted, but amounts remain unpaid. This is your “deficiency balance”. You’ve negotiated with the borrower for a payment plan or a lump sum. You’ve sent a “demand letter”, and the money has not come through. Now what?
In this industry, as in others, there will always be an element of reliance upon others and their representations. If a document or a story sounds fishy or too good to be true, it very well may be. Always ask questions. The more a fraudster is required to lie, the more likely they will make a mistake, and the truth will come out. We can only do our best to resist fraud. It is up to you to put up the fight.
I have seen so many lender websites with one basic page for capital raising. While it’s relatively easy to add one “invest” page to your existing website, I recommend building a separate website to focus on the investment offering. Keep your primary site focused on loan origination.
Gary decided that holding private notes and mortgages would be a fitting strategy for his Roth IRA. His funds enable borrowers to invest in additional real estate projects, providing a benefit to the community as well as his retirement account through interest earned.
Since its inception, TaliMar Financial has focused on developing and refining technology to allow borrowers to quickly obtain funding for their fix and flip, fix and hold, bridge, and new construction loan requests. According to VandenBerg, “We understand the loan approval process can be stressful, so we have focused on developing a seamless process from loan submittal through funding. I think our Borrowers have grown to appreciate the ease of working with TaliMar.”
I love when I help people realize their dreams through doing projects with RFG. We have many customers who are immigrants or people from disadvantaged beginnings and start with one project and then expand to many. These people are hardworking and frequently do rehab projects in addition to their full-time jobs.
I began my career owning Subway restaurant franchises. As a small business owner, there was no backstop if you did not generate enough sales to meet your expenses. The reality of being a small business owner out of college gave me the experience of knowing that it was all my responsibility, meaning if I could not find a way to make sure that each location was profitable, it not only put my business at risk but the stability of my employees at risk. At the end of the day, it was always about making sure that the customer was satisfied.
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