An investor could have given up on refinancing two income-producing properties with expiring hard-money loans that needed to be paid after being turned down by one of our competitors. Instead, he contacted Boris Bast, our commercial-loan specialist at MortgageDepot.

Meeting the challenges borrowers face

Boris immediately realized the challenges the borrower would face in order to qualify for financing, including the following:

  • An expiring loan that had to be repaid to avoid losing the properties.
  • Multi-family investment properties.
  • Cash-out, 75% refinance required.
  • Low appraised value of the properties.

Recognizing the issues standing in the way of obtaining financing, Boris came up with solutions.

Creative thinking leads to a successful result

Relying upon his 10 years of experience in the mortgage industry and an extensive background working with lenders offering non-conforming loans, Boris submitted the borrower’s loan application to Velocity Commercial Capital. The borrower was approved for a 30-year, long-term fixed-rate, no-documentation loan with an 80% loan-to-value ratio.

Although the borrower was successful in obtaining the financing he needed, it took a great deal of work on our part to make it happen. The appraisal completed by the lender showed a value of the properties that was too low to support the financing. Our borrower owned several investment properties in the same neighborhood and knew the lender’s appraisal was incorrect.

Our solution to the low appraised value was to obtain a new appraisal based upon the information we had about other properties in the neighborhood. The lender accepted the new appraised value, and the loan closed to the satisfaction of our borrower.

MortgageDepot works hard for borrowers

Boris Bast and the other mortgage professionals at MortgageDepot work hard to find solutions to challenges faced by our borrowers. Contact us at

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