Can a loan help a family find a safe haven? This is the story of John and how a Colorado Bridge Loan helped his family survive a tough road.
Everything was going great. John graduated from high school at 16 and college at 19, an accounting wunderkind, and landed his first job in finance at the tender age of 21. Soon after, he met Mary and fell madly in love. After a wild few years of travel and exploration, they settled down. First came Alex, a precocious boy with a shock of blonde hair that gave him movie-star good looks in high school. Then came Laurie, a sweet girl with dreams of being a fashion designer.
Along with the kids came the need for a bigger house. After all, the kids needed their own rooms, Mom needed space for her stay-at-home business, and the whole family needed a kitchen that could accommodate everyone’s food needs. They found a nice 4-bedroom in a high-end development outside of Denver and the kids thrived. Alex was a triple threat, playing baseball, football and basketball at the local high school, while Laurie excelled in her studies and did every extracurricular option the school offered.
Then, a perfect storm. The recession hit. John was laid off. It came time to pay for Alex’s college tuition and room and board. Mary’s business dried up. Now, the family was stuck with a mortgage payment they could no longer afford. They decided to sell but it was too late. The market was belly up and no one was interested in a big house in the suburbs. Plus, that big house in the suburbs had lost half its value in the meantime.
Still, it was their only option. The house sat on the market for a month. Then 2 months. Then 3 months. John and Mary found side work, but it was barely enough to stay afloat. Soon, they would drown. They wanted to downsize to something affordable but without the proceeds from their current house, there was no way they afford to buy something else.
Finally, after nearly 6 months of trying to sell the house, John found a buyer. They would be able to sell the house, but the process would take two months. In the meantime, the family was able to take out Colorado Bridge Loan. It allowed him to get into a smaller house with a more affordable mortgage while he waited for the current house to close. When it did, life calmed down. They turned the Colorado Bridge Loan into a new mortgage with ultra-low rates. That new, low-stress lifestyle meant that they could pay for Alex and Laurie’s tuition, take vacations and ride out the recession.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.