This was a refinance for past clients. Their fixed term had burned off and they wanted to get locked into a new fixed term but had some concerns on fees.
Timing is important in everything and at the time of this refinance request the market was experiencing higher interest rates and lenders were less aggressive on this property type. As a matter of fact, the current lender that had the loan had initially passed on the deal. It was a long process on this one to win the deal.
We were able to negotiate with the current lender and they agreed to refinance the loan and at an interest rate below what they currently were offering out in the market. We also were able to increase the loan dollars to cover the costs associated with the refinance. It was a tough transaction, but we got it done! It is rewarding when you win back a customer. We truly appreciate each and every opportunity.