This was a cashout refinance loan request from clients that were referred to us by a realtor. The borrower's wanted to sell but their current loan had matured. The lender granted them an extension and then we came into the picture. For the assignment it was important to obtain a loan with no prepayment penalty so that the clients could sell the property right away.
We had a similar assignment from the clients that we had just wrapped up and due to an appraiser low balling them on an appraisal we really needed more loan dollars on this refinance to make up for lost proceeds.
ALB originated this loan with the same lender that they had originated the borrower's other refinance with, and ALB was able to get lender to agree to increasing their maximum allowable LTV for a cash out refinance as an act of good faith in making up for the lost proceeds that were expected from the borrower's on the prior refinance. Everything worked out well and the transaction closed and clients were happy and we are most appreciative in the lenders flexibility.