This was a cashout refinance loan request for an Investor client of ours.
The Borrower needed a minimum of 70% LTV in order to pay off the current 1st trust deed. Unfortunately, that was a daunting task since lenders just did not want to give that large of loan plus the DCR requirements were making it very difficult.
Our Loan officer at ALB didn't give up and we closed the loan with a lender that had the lowest DCR and highest commercial LTV at the time. The rate we obtained was the best that could be offered as well. We are happy when we can help an investor achieve their goals.