- Loan Amount: $300,000
- Rate: 7.99% to 8.99% step rate
- Appraisal Value: $1,300,000
- Term: 24 months
- Lien Position: First
A fast turnaround. The borrower needed to refinance the property and time was running out. This loan submission was received on a Thursday, and the loan was funded and recorded the following Tuesday. Truly successful teamwork thanks to our vendors!
The preliminary report was requested as a rush on Thursday evening and received the following day; the appraisal inspection was scheduled on Saturday morning, and the report completed on Sunday. Two lien holders were contacted for rush demands; loan documents were drafted over the weekend and sent to Escrow/Title for signing on Monday. The loan was funded the next day!