Boris Bast, the Commercial Loan Specialist at MortgageDepot Orlando, FL branch successfully closed a loan for a self-employed borrower who refinanced a mixed-use owner-occupied property in Florida. This was no small feat, as the borrower could not provide financials, personal income, or building income, and had a low credit score. The loan type was a 30-year fixed with a 60% cash-out to pay off a balloon mortgage.

The ability to secure financing for a self-employed contractor can be a challenge, as traditional lenders often require extensive documentation to prove income and financial stability. However, Boris Bast’s expertise in commercial lending allowed him to find a solution that worked for this borrower’s unique situation.

One of the keys to Boris Bast’s success was his understanding of the borrower’s business and industry. As a contractor, the borrower likely had fluctuations in income based on project schedules and the overall health of the construction industry. Instead of relying solely on traditional financial documents, Boris Bast looked at the borrower’s industry and used his knowledge to create a loan that met the borrower’s needs.

In addition to his industry expertise, Boris Bast used alternative documentation to verify the borrower’s income and financial stability. This could include bank statements, tax returns, and other documentation that shows a pattern of income and expenses. While this type of documentation may not be as comprehensive as traditional financial statements, it can still provide lenders with the information they need to assess a borrower’s ability to repay a loan.

Finally, Boris Bast worked with a lender who specializes in commercial lending for borrowers with low credit scores. While many traditional lenders have strict credit score requirements, there are lenders who focus on providing financing for borrowers with credit challenges. By working with a specialized lender, Boris Bast was able to find a loan product that worked for the borrower’s needs.

In conclusion, Boris Bast’s success in closing a loan for a self-employed contractor with a low credit score and limited financial documentation is a testament to his expertise in commercial lending. By understanding the borrower’s industry, using alternative documentation, and working with a specialized lender, Boris Bast was able to secure financing for this unique situation. His dedication to finding a solution that worked for the borrower should be commended, and he is an asset to the MortgageDepot Orlando, FL branch.

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