This was a new client that came to us via referral from one of our past clients. The investor had previously put his property on the market for sale but really preferred keeping the building which is why some good clients of ours had referred him to us to see how we could help him achieve his goals.
During our borrower prequalification process we learned that the client had recently left his full time employment w-2 position to go off on his own to start his own company in the same industry. Although this was clearly a good move for him the recent change made the documenting of his new income more difficult.
The borrower had the required reserves, net worth, management experience and the subject property supported a larger loan request then the client was seeking. We identified the best low doc program that put him into a solid 7 year fixed loan program that gave him sufficient cash out so that the client could meet their objectives.