Update on your ABC Philadelphia/Baltimore note

You are receiving this email because you have purchased a first trust deed loan in Philadelphia and/or Baltimore in the past.

These rental markets were hit hard regarding on-time rent collections from tenants over the last 18 months due to the COVID eviction moratorium that has finally come to an end. Some of you may have experienced delayed monthly loan payments because of it, and we greatly appreciated your patience while we have worked through these payment issues together.

Most of the monthly loan payments are back on track and regular interest payments plus back payments owed are being made. We are confident that on-time loan payments moving forward will be very consistent. 

Our vendor partner in the area saw his on-time rent collections go from above 90% down to 52% (at its low) and as you can imagine, it did put a significant, but temporary strain on his cash flow management. 

Since then, this vendor partner has been approved for over $2 million in direct COVID assistance for landlords. Though this assistance has been slow to be issued by federal, state and local governments, it has put him in a much better cash position moving forward. 

Until all of the COVID relief funds have been fully distributed to our vendor partner, he is on hold from purchasing properties for his own private rental portfolios, but he is still acquiring, renovating and selling properties to independent 3rd party investors. Some of these investors choose to pay all cash, but other investors (foreign nationals and IRAs) chose to leverage using our first trust deed lending option. 

These loans are on 3-to-5-year terms and they pay 9% interest.

Here is link to properties that have been sold to investors looking for first trust deed financing:

https://docs.google.com/spreadsheets/d/1ZfHcCdALkbITDI_d_X32Cv9XeRqB7Z4SDT_DiBiMiCg/edit#gid=1386366438

Please click on the hyperlinks in the spreadsheet for detailed information on each of the properties. 

In order show his appreciation, our vendor partner is now offering a $1,000 rebate on all new loan purchases and Safeguard will kick in an extra $500 on all loans purchases in Philadelphia and Baltimore. 

Please let us know if you have any question or would like to reserve a loan. 

You are welcome to reply to this email or call Client Relations Manager Noah Jones at: 877-280-5771.

Happy Thanksgiving!