Sometimes Banks Make the Wrong Call

An old friend, on various occasions, was known to say, “I’ve been kicked out of better clubs than this before!”

The line never failed to get at least a chuckle from someone within ear shot. Frankly, I don’t know if it was a true statement for my friend, but the phrase often comes to mind when a prospective borrower applies at Evoque Lending after having been turned down for a loan from a “conventional” lender.

Banks and other mortgage providers give the thumbs down to a lot of great people. People, in fact, who pose very little risk for a loan. The problem is that these lenders fixate on a couple of things, one of which is the magical credit rating number. Also, they are often unable to really understand a borrower’s financial situation.

Misjudging income

For example, sometimes borrowers can’t show a long enough income history or because they are small business owners, they (legally) find ways to reduce their income for income tax filing purposes. However, if you look deep enough and ask the right questions, you can see that the applicant does have the income to support the loan.

Frankly, as we come out of a pretty difficult economic downturn, it seems like more people than ever are having these kinds of problems. We think it’s wiser to examine current conditions and look toward the future than dwell on the past.

I can easily prove my point. For more than 15 years Evoque Lending has been making loans to borrowers who have been turned down by other lenders for loans on Los Angeles, Orange County and San Francisco area real estate. If the folks who came to us weren’t financially able to handle their payments, we would have been out of business years ago.

Are you part of this group? Do you know that you have the ability to handle your mortgage payments but couldn’t convince a conventional lender? Please don’t let the initial bad news get you down. There’s an excellent chance that Evoque Lending has some good news waiting for you.

Making the right call

Finding out is easy. We do virtually all the work in house, so there’s no hanging around for weeks just waiting to hear from a “home office” or “loan committee.” We can give our borrowers answers in 24 hours and get loans funded and closed in seven to 10 days.

We know that you’re building your future and we’re here to help. Whether you’re looking for a short-term bridge loan to get a purchase or a project moving forward, or need to extend the term of your First Trust Deed for a longer period of time, we can make it happen.

Everyone’s situation is different and our experienced crew of mortgage industry professionals can tailor your loan to fit your requirements. The first, and most important step is yours. Call us or outline your situation in an email. Once you do that we can get moving and let you know exactly how Evoque Lending can help out.

With California real estate, time is always critical when it comes to making purchases, so please contact us today.