This was a cashout refinance for a repeat past client. We met a few years before when the property was purchased, the investor was referred to us by the listing agents and we secured financing for the client. In a little less than 3 years the property appreciated tremendously in value and rates had dropped which fueled the investors desire to do something.
The client required a low doc program and the property had recently suffered some fire damage that insurance was handling, and there was a vast amount of tenant turn over in the recent years. The turnover was a result of the need to clear out problematic tenants. Ironically, the biggest hurdle was the client did not have a computer which delayed the process somewhat.
ALB secured a 5 year fixed at 3.20% which was almost a 2% drop in the borrower's interest rate. This was great because it really improved their cash flow. The little cash that we obtained helped so that the client can finish off some wanted property improvements. Very happy to have helped out again.