ASSIGNMENT:

The assignment was to structure a refinance that paid off a 1st & 2nd and allowed for some cashout. A little back story on this was that we had financed this a few years prior and got the client a smokin rate of 2.99%, which is just unheard of and probably will never happen again.

CHALLENGE:

Because of a contractor's mistakes that were made during a re-roofing of the building it spiraled into the need to do a total  building renovation. The contractor's mishap had a negative effect on the investors credit, reserves and it really was almost nearly unfinanceable through bank financing.

SOLUTION:

After being shut down by multiple lenders we went back to the current lender who had the 1st & 2nd and were able to present a case and just cause for why they should refinance this for the borrower. Although the borrower did not currently meet the lender's global DSCR requirements and other qualifying criteria, the lender listened and eventually agreed to make the loan. They did require that nearly all of the borrower's debt to be paid off with proceeds, but paying off debt was necessary to assure that the borrower's global position & credit would improve. On this one we got lucky!