This was a cash out refinance for a repeat past client.
The goal was to maximize proceeds while at the same time lowering the interest rate. Cash out was being used as part of the down payment on another purchase transaction that we were working on.
We structured a great loan using the Freddie MAC SBL program. Was able to go up to 78% LTV, a low rate of 3.17% with some Interest only for first two years. Borrower was ecstatic.