ASSIGNMENT:

We had financed this loan for the borrowers when they purchased it and now the loan was near its term, and they wanted to do a rate and term refinance. At the time of receiving the assignment the lender who had the 1st trust deed just wasn't competitive, so we had to go elsewhere.

CHALLENGE:

There were multiple borrowers, and they all were very busy making it difficult to collect the required financials and other paperwork.

SOLUTION:

The clients decided it would be a good idea to open a new LLC and to make one member the manager and with majority ownership so we would only have to package one borrower. Thank goodness for this :) the loan closed, and it was great reuniting with the crew.