ASSIGNMENT:

This was a cash out refinance. The interesting part is that we had financed this property as a new purchase transaction less than 1 year ago and structured a program that allowed us to come back in less than 1 year and the lender would waive the prepay and allow us to go off a new appraised value. 

CHALLENGE:

Our biggest concern on this transaction was the appraisal. Although the lender was very flexible with no seasoning requirements, we still had to get by the appraisal.

SOLUTION:

We worked with the borrower and his management team and made sure we had no errors in their recent rent bumps, and we helped put together a capital improvement summary detailing what work had been done since acquisition- less than a year ago. Ultimately the appraisal came in at the value that was needed. The borrower almost cashed out all of his initial investment and all within less than 1 year. Obviously client was ecstatic.