ASSIGNMENT:

A residential mortgage broker who refers to us a steady flow of commercial transactions had referred the borrowers over to us to assist them with their cash out refinance. The property was free and clear and the clients wanted to max out on loan dollars. Seemed easy enough but....

CHALLENGE:

Like any new transaction that we start on we try to identify ahead of time any potential hurdles. For this transaction the property was held in a single asset entity with two members and was member managed. The borrowers lived in the United States but members were held up out of the country due to COVID and there was no expectation of any soon return to USA. The biggest hurdle was that the borrowers were going to have to set up appointments at a US consulate in the country they were in. Actually the borrowers were great and very prompt but when you have loan docs that are being emailed from escrow directly to the borrowers with instructions to take with them to sign in front of a Notary at US consulate in Amsterdam and then another borrower in US consulate in Vietnam you can't help but cross your fingers that there are no mistakes. 

SOLUTION:

Fortunately we had a terrific team of people working together on this from escrow, title, legal, lender and the ALB team. We were able to get the most loan dollars and best rate and terms under a Freddie Mac SBL Program. It was low doc, nonrecourse, and perfect solution for these borrower's. This was a fun one to say the least.