This was the second time we financed this property for the client. On both occasions they were cash out refinances. The assignment was to take out the current loan with a competitive interest rate and help the client achieve maximum cash out to be used to finish off a development project.
The biggest challenge was the borrower's debt was a high as a result of their current development project.
We were able to present to the lender how the borrower still met the global underwriting requirements and how through this refinance the cash out will also reduce the applicant's debt and improve their ratios. We got the deal done and client was pleased. We will be ready for round three.