Oftentimes, the deals we close are for repeat clients. For example, for our client here, a self-employed green card holder from Argentina, we previously obtained a bridge loan for him to purchase an investment property in the Tampa, Florida area.
Bridge loans are ideal “band-aid” solutions to secure financing in a pressing situation. Before coming to us, our client had been denied by another lender, and his contract deadline was looming around the corner.
We were able to close his loan in only 6 days, much to the relief of our client (who did not want to lose his earnest money deposit) and to the realtors representing both parties.
Bridge loans are meant to be short-term solutions, so once the dust settled, our client came to us seven months later, looking to refinance into a more conventional loan at a lower interest rate.
We came through for our client again. Because he did not show income through U.S. tax returns, we qualified him under one of our creative self-employed loan programs. To prove his income, he simply had to provide a profit-and-loss statement for his logistics company.
Not only did our client lower his interest rate and lengthen his loan term (30-year amortization), but he also received limited cash back at the closing table so that all his closing costs were covered (i.e., limited cash-out refinance). Nor did he have to pay a prepayment penalty to pay off the bridge lender.
As a result, our client is enjoying improved cash flows on his property, which he uses as a short-term rental property in a popular beach area.
Looking to purchase or refinance an investment property? Please contact us today to see how we can help.
Please also see our article “My BNI Story – The Long-Lasting Power of Speed Networking” to learn how we were fortunate enough to meet our client.
