Featured Loan

COVID-19 Loan Delayed: 7-year Rental Property Refinance Loan

Loan Details

Loan Amount:  $300,000

Loan-To-Value:  65% LTV

Term:  7-Year

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.

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