Feb 27, 2020
One of their customers bought in 2012 in Charlotte, NC, and borrowed $600,000+ from Bill and Wendy.
He got the house under contract. He did some renos. The buyer backed out. The borrower was stuck with a house. The prices of nearby houses continued to increase in value.
His loan needed to be extended and his loan rate went up 2 points.
In the end, he sold the house by $20,000 more than he expected. So after a lot of stress, he had made a profitable deal.
The fund investors were protected, regardless of what happened.