This was one of my most difficult of all transactions. The client purchased this property in 2007 in the height of the mortgage meltdown. The client obtained financing from Chase bank to purchase the property. A lot was missed during the process including reading thru the title report and appraisal stating this property’s legal use was as a Synagogue. The client attempted to refinance out of his loan @ 9.75%. After many tries, paying for many appraisals and title searches the client was at a dead end.
I was able to secure financing to pay off the existing mortgage, work with the local building and zoning departments to obtain an updated plan to fix all outstanding items to change the to a mixed-use property. The bank held additional funds in escrow to be released upon completion of requested items. The client reduced his rate to 5.5%
The client is a builder that wanted to get into the spec home market. Build and sell. Funds were obtaind to complete the build. The value of the lot was used as client’s equity in the deal. Closed in the name of the corporation. No income verification.
This property was financed using business bank statements and closed in the Corporation name as the client was a foreign national, no VISA or work permit.
I was able to refinance this 8-unit rental property quickly to pay off the existing mortgage holder when they offered a short pay to my client. No tax returns, no leases needed.
I was able to obtain funds in 10 days to complete the rehab on this 2 family that sustained fire damage. The project was finished and refinanced into a conventional loan. Bonus- Client received additional cash at closing of $65,000
This property was purchased thru a short sale. The Client was able to get 80% purchase funds and 100% of the rehab budget. Closed in 40 days.
This property was purchased thru a short sale and had extensive rehab. I was able to obtain 70% financing using the appraised value. Closed in 20 days.
Single family $350,000 construction loan. It took the client 4 months to complete. Refinanced the construction loan into a 30 year fixed conventional loan.
Obtained 85% financing for this self-employed client using just CPA prepared Profit & Loss statement for income documentation