Source Capital Provides Funding Opportunities to Clients Turned Away by Banks

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The San Diego-Based Private Real Estate Lender Starts Off Strong for its Third Consecutive Year

Patrick Hook, Partner

We are off to a great start in 2012 allocating investor capital into solid, low-risk loan opportunities...

Source Capital Funding, Inc. continued its growth in the first two months of 2012 as the real estate lending market continues to provide numerous opportunities for the firm. Source Capital partner, Pat Hook explains, “We are off to a great start in 2012 allocating investor capital into solid, low-risk loan opportunities and our lending pipeline for the next two to three months is robust.”

One interesting loan Source Capital funded in January was for a home purchase in Carlsbad, California. Source Capital partner Sacha Ferrandi, explains that traditional banks’ rigid qualifying lending criteria lead to many people being turned down for financing, even when they demonstrate excellent past credit history. “In this particular instance, in 2005 when the real estate market was at its highest, a couple purchased a single family residence. At that time, they had perfect credit and nominal debt. Unfortunately, they bought at an inflated price, like a lot of individuals at that time. Then the market crashed. As is the story with so many in recent years, to protect themselves, they opted to file for bankruptcy.” Wanting to buy again, the couple approached Source Capital after being rejected by other lenders. Ferrandi continues, “Banks and other traditional lending sources will decline someone regardless of their past positive credit history if they have a bankruptcy, foreclosure or short sale on their record. Source Capital was able to help these particular borrowers because we always take the time to look at the whole picture. Common sense shows us that these are responsible people who simply became victims of the current economic state. They were viable candidates and we are proud to now call them clients.”

Source Capital provides a service to borrowers deserving of a second chance. While banks are hesitant to lend, “we continue to take applications and provide opportunities for many who have been turned down elsewhere,” says Hook. “We are confident that we can continue to help individuals looking for financing. All they need to do is pick up the phone and call us for a free, no cost consultation. In our opinion, they have everything to gain and nothing to lose. At minimum, they will get our expert opinion on their financial status, credit worthiness and ability to borrow.”

About Source Capital Funding:

Headquartered in San Diego, California, Source Capital specializes in the underwriting and funding of residential and commercial real estate loans in Arizona and California with the use of private capital. The company’s unique approach to financing with private capital allows speed and flexibility that traditional banking environments cannot provide. As a direct, licensed lender, Source Capital is able to process and underwrite all loans in-house. This results in faster turn-around times, fewer hassles, and lower costs to clients. Source Capital works closely with brokers, borrowers and investors to ensure a secure and timely transaction. Clients can count on Source Capital's strong commitment to the highest standards of business ethics, underwriting due diligence and post-funding management. For more information, visit http://www.source-capital.com or call 858.705.6144.

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