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The Private Money Loan Servicing industry evolved out of necessity. Brokers would fund a Hard Money loan themselves, or individuals would lend Hard Money to friends or family. Unfortunately, they were then burdened with tracking payments, interest, late pays, handling foreclosures, etc.
Private Money lenders simply didn’t have the time, expertise, systems and tools to handle Loan Servicing or Foreclosures, nor did they want the expense or liability that comes with in house processing. The best way to continue lending was to outsource the Loan Servicing. FCI was founded in 1982 when a number of these Hard Money lenders asked for help doing Loan Servicing and Foreclosures on their Private Money Loans.
FCI offers two Loan Servicing platforms designed to fulfill the varied needs of our clients.
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Standard Loan Servicing is a high quality, structured program for servicing all types of performing and newly originated Private Money loans at very competitive prices
The Specialty Loan Servicing department is specifically designed to rapidly turn delinquent Loans and Loan Pools into cash by facilitating the restructure of loans, or by foreclosing and selling the properties. It is staffed by experts at skip trace, collection, facilitating loan modifications, foreclosures, and property sales.
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