$800,000 Apartment Loan Refinance W/550 Credit Score!
Kansas City, MO
Situation: There were 3 borrowers on this nice cash flowing apartment complex but one of them was in the middle of a divorce and his credit was shot. Making matters worse their loan was in default and they had only made 4 payments in the past 12 months. Yet we were able to close them with a 5 year fixed rate in the 7’s on a 30 year fixed with an ALT-A lender. Probably more than any area, the emergence of the Alt-A lenders is really helping borrowers in sticky situations get done. Not with short term bridge money…but with long term financing and 30 year amortizations. If you think your loan can not get financing, or you want an option better than private money, give me a call. We fix problems and get deals closed