We were able to qualify this borrower using 12-month bank statements for a $3 million cash-out refinance loan on their primary residence. The issues faced were that there was an undisclosed contract for the deed and the borrower was already on the title. There was also an outstanding debt of $586,000. CSC allowed a 3rd appraisal to close the loan after the first two were done by the same AMC.
PROPERTY:Â SINGLE FAMILY RESIDENCE
PURPOSE:Â CASH-OUT REFINANCE
LOAN AMOUNT:Â $3,000,000
LOCATION:Â TIERRA VERDE, FL
DATE FUNDED:Â DECEMBER 2019
BROKER FEE:Â $60,000
Non-Prime
Single Family Residence
Non-Prime
Single Family Residence
Non-Prime
Single Family Residence
Non-Prime
