Julia Knurova is relentless at the mortgage desk, and she again proved her tenacity by helping a client close on a loan that many lenders wouldn’t consider. This loan required an MLO with ingenuity and drive, two characteristics that make Julia a leader in the mortgage industry.
The Basics
Julia’s client was a self-employed investor who was seeking a cashout refinance. The client planned to use their acquired equity for another investment.
The property that the client wished to refinance was a condotel in Palm Coast, Florida. The condotel did not include a full kitchen, but that wasn’t the only barrier Julia and her client were up against.
The Barriers
In addition to the lack of a full kitchen, litigation was also involved in the transaction. The homeowners association was facing a current lawsuit and was unwilling to provide pertinent details on its status. In addition, the HOA refused to provide information regarding the building’s rental income and would not discuss previous damages.
The Solution
To make this cashout refinance happen for her client, Julia approached A&D Mortgage, a non-QM lender, to request a DSCR mortgage. She chose this lender based on their ability to consider the multiple exceptions they would need for approval. Here is a list of exceptions that needed to be addressed:
- A low DSCR ratio
- Current HOA litigation
- Free rate extension on lock
- No rent comparison schedule on appraisal
- No full-sized kitchen in the unit
Julia approached A&D’s account manager directly to discuss these exceptions and alternate forms of documentation that would make the loan happen.
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