This was a cashout refinance for a client that returned to us seeking assistance on a property we had financed when they purchased the Apartments a little less than three years back. The goal was to obtain best rate & terms as well as achieve enough loan dollars to be used for a new purchase.
We needed the appraisal to come in at a value that would not hurt the borrowers in meeting net worth requirements and we had loads of work in preparing the operating statements to make sense of the loan request. We were submitting to a lender that required full doc and the clients 2019 tax returns just didn't work but with good reasons and 2020 tax returns had not been filed so we needed to present to the lender 2020 and YTD 2021 income expenses statements on the subject property to the lender with an explanation as to why such a big change from the previous 2019 filed returns.
ALB was able to negotiate with the current lender to waive the prepayment penalty and they agreed to also offer 5 years of Interest only on the new loan. We explained in detail on how the clients since time of purchase had went through a period of intense renovations and stabilization period and that during that time they weathered through the COVID pandemic and came out strong. The Appraised value came in! It is so wonderful to be part of a client's vast increase of wealth in slightly less than 3 year period. Now we are helping them with the purchase of another apartment building. Love this business.