This was a cash out refinance for a repeat client. We had financed the deal a few years back and they came back but requesting to finance under a new borrower structure.
The initial requested structure was not going to work do to qualifying hurdles, therefore we had to work closely with the applicants to be sure their entity structure was one that was going to work in meeting their objectives.
We were able to package this loan under a Freddie Mac small balance loan program which required minimal documentation. The borrower created a new single asset LLC that which met the objectives to the changed borrowing structure.