Boris Bast Creatively Overcomes Challenges For A Cash-out Refinance

TO Mortgage DepotWe pride ourselves on our ability to provide exceptional service to our clients while meeting their diverse needs. In fact, we work hard to establish lasting relationships that are based on our strong desire to meet the needs of our customers. We recently had the opportunity to work on a challenging loan application for a client we have been working with for the past eight years. The client recently came to us for a refinancing with cash withdrawal loan application for a single family rental property, and we were able to overcome a variety of hurdles to once again meet your needs.

Credit and income challenges
Due to the pandemic, several of the tenants of the client’s other rental properties had not been paying rent for months and months. This created a situation in which she was in tolerance. Often times, lenders will not approve a new loan application if a borrower has a history of not making payments on existing loan applications. More than that, this client was unable to provide documentation of personal income. Nor was an analysis of the rental income available for the property in question.

While many other mortgage brokers would not be interested in a loan application like this, we worked hard to find a way to get the client the retirement funds they needed. The solution was an asset-based loan that took into account the real value of the property, and this was combined with an exception for forbearance issues.

Excellent loan conditions
Ultimately, the mortgage loan officer with whom the client had established a long-term relationship was able to get his loan approved at 75 percent of the loan’s value. Because of this, the client was able to obtain the cash income she needed.

About Boris Bast
Boris Bast has been meeting the home loan needs of its clients for more than a decade. He actively strives to establish long-term, productive relationships with our clients at MortgageDepot while employing his deep professional knowledge to meet their needs.

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