Featured LoanCOVID-19 Loan Delayed: 7-year Rental Property Refinance Loan
Loan Amount: $300,000
Loan-To-Value: 65% LTV
Situation & Challenge
The owner of this rental duplex in the Seattle-area needed to pull cash-out to complete the renovation of the duplex next door. This Non-QM loan was approved, Clear-To-Close, and on the desk of the loan doc drawer when the Non-QM market froze as secondary market buyers of Non-QM loans stopped buying in Mid-March.
Solution & Result
The loan is on hold until the Non-QM market opens up.