ASSIGNMENT:

A past client contacted us in need to refinance a 62 Unit Apartment Building. She had purchased it a few years and had assumed the existing loan. The loan had a yield maintenance prepay but it was near full term and time to get new financing. The client wanted a program that wouldn't require too much paperwork.

CHALLENGE:

Our biggest challenge was really just in timing the close. We didn't want the borrower paying double interest and we had to make the pay-off date, so we waited to the last possible day before we funded the loan.

SOLUTION:

We originated the loan under a low doc loan program that didn't require a whole lot of paperwork from the borrower. It was a very efficient process, and we closed on time.