ASSIGNMENT:

An investor was introduced to us by Top Listing agent realtors that we do tons of business with and after quoting and speaking on the phone the investor decided he wanted to have us help him with his financing but informed us that he decided to buy a different property. We took the assignment not knowing what we got ourselves into :)

CHALLENGE:

Where do we begin! First challenge was that borrowers had to have 75% LTV which with most lenders after applying their underwriting rate and DCR requirements, the deal just wasn't penciling out. Then we learned that the borrowers had plans to travel out of the country during this escrow and placed us under strict closing time frames, and lastly the borrowers were falling short from meeting global DSCR requirements. To top it off the property didn't appraise. Things were looking real bleak.

SOLUTION:

We kept our heads in the transaction despite all the hurdles, we identified a lender that underwrote to a lower DCR, which then allowed us to achieve the 75% LTV, the borrower and his agent (great guy) negotiated a lower sales price, and although the borrower's had been pushing to have loan docs sent to a U.S Embassy consulate office in Egypt they returned to sign docs and we closed. Definitely this goes down as one of the more difficult transactions that we had experienced, but we got the job done :)