*Interest rates are subject to change without notice and do not constitute a commitment to make any loan at any specific rate.
Client bought a three unit building for cash. It was a trustee sale and she needed it to close fast. She came to me after the property became hers with the request to get money out, return the loan of $200,000 to her friend, and $250,000 to buy another building.
Her income was not enough to qualify for a mortgage. When I took her loan documents to a very special lender, I was told that she needed to wait for 6 months before she cashing out of her loan could be done.
Then we found a solution.
Since it was her own money, she created a new note for $450,000 to her trust, who now owned the building. After the note and deed of trust were created and recorded, we could finish her refinancing.
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