New Borrowing Options Available In Kitsap County

POULSBO, Wash. - May 1, 2013 - PRLog -- On Saturday, April 20th Fairplay Financial, Inc., owner of Fairplay Realty and Sound Mortgage announced on Real Estate Radio Northwest (KKOL AM 1300) that starting May 1st, Kitsap County borrowers will now have some new and very different options available to them.

Fairplay’s traditional lending arm, Sound Mortgage, will be moving into offices at 19410 8th Ave, Suite 103 in Poulsbo on the 1st of May and it is expected that Fairplay Realty and their bridge funding arm will follow six months after.  Local longtime mortgage executive, Nick Neal, will head up both projects.

While Fairplay's subsidiary Sound Mortgage provides conventional mortgages for homes purchased on the traditional market, Fairplay itself offers bridge financing for foreclosure investors who need to pay cash up-front at a foreclosure auction, then want to transition to a conventional home mortgage at a later date.  This is something that traditional lenders do not do and is not readily available inside Kitsap County.

For borrowers that want to act on a foreclosure or distressed sale, every second counts. Normally, mortgage lenders are too stringent for this type of purchase and banks can be too slow. In addition to bridge loans, Fairplay also provides access to commercial funding.  “We’re currently speaking with a Poulsbo businessman about a $4,000,000.00 loan that will help his commercial project move forward,” said Chris Hart.

Nick Neal, host of Real Estate Radio Northwest said, “Co-host Shelley Dudley and I are very excited that Sound Mortgage and Fairplay Finance will be this week’s guests on the show.  They bring a unique insight and mix of knowledge to our listeners and particularly to those who are investors or business owners.”  The show airs on Saturdays at 2:00 pm on Seattle’s KKOL AM 1300 and can be heard throughout Kitsap County.  It is also available live streaming on realestateradionorthwest.com and KKOL.com.

For additional information see the video at http://youtu.be/5r0lvkvCIB4