I know usually I take this opportunity to write about new loan programs, loan guidelines, changes in lending, what is going on in the lending world, etc. However, this time, I am quite excited to chat about a new program that will allow borrowers to be much more competitive with their offers against the constant barrage of cash offers coming in from out-of-state buyers. This program is called the Quick Buy Cash program.

Who we work with:

  1. Borrowers who are frustrated and tired of losing out to cash buyers.
  2. Borrowers who have a 20% down payment (but may only want to put as little as 5% down).
  3. Borrowers who qualify without selling an existing home.

How the program works:

Before going under contract, the borrower must go through a thorough preapproval process. The borrower then finds a property and Peoples Capital LLC writes a cash contract subject to the standard inspections. At the same time, Peoples Capital LLC writes a contract to sell the home to the borrower, and the loan is started as well. If the property is a Condo, Peoples Capital LLC will not execute a purchase contract until after we have documents reviewed and the condo project is confirmed to be fully warrantable. At that point, the borrower pays for the appraisal as normal, and the appraisal is ordered following the normal process. The borrower and their agent order a standard home inspection. The borrower’s agent makes their normal commission on the sale between the Seller and Peoples Mortgage Capital LLC. The sale between Peoples Capital LLC and the borrower is For Sale by Owner (FSBO). Peoples Capital LLC writes an FSBO contract between Peoples Capital LLC and the borrower. Earnest money minimum of 1.5% from the borrower is required and no agents are involved in the FSBO transaction. Peoples Capital LLC keeps 1% of the Earnest Money Deposit as the fee for the cash purchase.

As crazy as this market is, you will start seeing many changes coming between realtors and lenders to give them one step ahead of their competition. For any specific questions regarding refinancing and investor-specific loan programs, always feel free to contact me directly with any questions!

ANDREW AUGUSTYNIAK  Branch Manager/Loan Officer
Call or Text: 480.735.4095
3303 S Lindsay Rd, Bldg 2, Suite 104, Gilbert, AZ 85297


Connect with me on my mobile app
LO Licensing: AZ LO-0921752  CA-DBO911628  OR  WA-MLO-911628 NMLS-911628   Company Licensing: Peoples Mortgage Company, A DBA of Moria Development, Inc.  AZ BK-0904164  California – FLL603L266 / RMLA4130661, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act: www.peoplesmortgage.com/privacy-policy  OR-ML-5111  WA-CL-6274 NMLS-6274