This was a purchase transaction for clients who had been referred to us from realtors that we do a ton of business with. We were referred to them over a year prior but the clients just for one reason or another were striking out on properties they were trying to acquire. But they kept plugging away and finally found one that worked for them, and we got the assignment to finance the apartments.
The borrower's had the funds for the down payment but how they had been filing their previous year's tax returns caused some concern, and due to the small loan amount and the property location we could not offer them any low doc programs. We had to finance this transaction under a full doc loan program.
We analyzed their tax returns and determined their global ratios, and then we collected information from all of their rental properties so that we could present to the lender the true and accurate representation of the borrowers qualifications. There was some required letter of explanantions but we got the deal financed and at a great rate and closed on time.