When a self-employed investor reached out to MortgageDepot to refinance the mortgage on a commercial property, our loan officer, Boris Bast, immediately realized there would be challenges. Not only did the borrower need a no-documentation loan without tax returns and financial statements, but it had to close very quickly to avoid incurring penalties, including an exit fee, from the current mortgage holder. Adding to the urgency of the situation was the fact the borrower also had one of our competitors working on it at the same time and with the same lender.
A low appraised value for the mixed-use building coupled with the onset of the coronavirus pandemic were the first hurdles standing in the way of obtaining the financing our borrower needed. Once lenders restarted their operations after the initial slowdown caused by the pandemic, Boris relied upon our company’s strong relationship with the lender to obtain favorable pricing for our borrower along with a higher than normal loan-to-value ratio to make up for the low appraised value, which our competitor was unable to match.
Thanks to the efforts of Boris Bast in securing the financing and arranging for it to close within the limited time the borrower had within which to pay the existing loan, the borrower avoided thousands of dollars in penalties.