This assignment was from a repeat client that was referred to us a few years back from another repeat client. The clients fixed term was soon to roll to an ARM and the prepay period had already burned off. The clients main objectives were to obtain the best 5 year fixed rate with enough cash out to cover any loan costs.
This transaction did not have many challenges. The biggest challenge was actually for the clients to decide on whether to sell the property or keep it and refinance out. Ultimately, I think they made a great choice in keeping the asset., It is a fantastic rental property in a great market area. Anyone would like to have this building in their portfolio.
After identifying the main objectives we knew that for this particular property and it's location, the low leverage, and the strong sponsor, that the best program was going to be a full doc program. We locked the client into a great 5 year fixed loan product and they were very happy.