Closing Alert: $700,000 Stated Refi Cash-Out of OH Retail Strip Cent

Mortgage and Lending

This borrower had a difficult time locating financing since he could not document his personal or property income with tax returns and many lenders are shying away from retail property loans. We are still actively financing retail properties and don't require tax returns for income verification.

We funded this stated income   commercial real estate loan and provided over $170,000 of unrestricted cash-out at   closing. Proceeds also went to pay   off delinquent real estate taxes and address over $190,000 in roof repairs   (we only required an $18,000   roof repair hold-back to close). Even though the borrowers   had 649 and 671   middle FICO scores, we still funded a stated income 3 year   fixed loan, amortized   over 30 years with a 10% rate. 

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Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning 

Thank you for sharing your information with us

Have a great day.

May 09, 2018 07:05 AM #1
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Christopher Hills

Managing Dir. Lending
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