Home Value: $5.2 MM
LTV: 70% LTV
Loan: 1st TD of $3.64 M
Terms: 5/1 ARM 5.25%
Challenge: The borrower was looking for a common-sense loan program to pay-off an IRS tax lien and replenish cash reserves. Due to inconsistent cash flow, Insignia Mortgage located a lender willing to offer competitive terms on a large cash-out refi. Closed in under 35 days.
Purchase Price: $6.375 MM
LTV: 70% LTV / 80% CLTV
Loan: 1st TD of $4.46 MM/ LOC of $500,000
Terms: 5/1 ARM 3.625% / Business Line of Credit 6.50%
Challenge: The borrower was earning a large income as a newly minted physician in private practice and had been turned down by a big money center bank. The borrower was looking for a solution that required a lender to be comfortable with a large jump in provable income, with only a 20% down payment on a $6 MM+ purchase.
Purchase Price: $7.5 MM
LTV: 10% Down Payment Cross-Collateralized Loan
Loan: $6.75 MM
Terms: 1st TD 5/1 ARM IO @4.00%
Challenge: The borrowers required a quick closing and needed a cross-collateralization loan to help with down-payment. Insignia Mortgage was able to locate worked with a lender comfortable with offering financing even with a limited cash-down payment, as well as the borrowers’ complex entity ownership structure. The loan closed in 30 days.
Valuation: $5.7MM
LTV: 70%, $4MM
Terms: 1st 5/1 ARM @ 4.50%
Challenge: The borrower was encumbered by the IRS and wanted to take cash out of his primary residence to pay-off the IRS tax lien. The borrower required a bank statement program due to his tax returns not being filed for the current tax year. Insignia Mortgage was able to get the lender comfortable with the borrower’s business cash flow through an in-depth analysis of the business bank statements. The IRS was paid in full through the loan proceeds.
Valuation: $12 MM
LTV: 41.66%
Loan: $5.1 MM
Terms: 1st 5/1 ARM @3.25%
Challenge: The borrowers needed cash-out quickly to participate in a private placement in public equity. The borrowers only had 3 weeks to come up with the funds to close on the investment. Insignia Mortgage was able to work with the borrower and their CPA to structure this complex refinance and quickly obtain loan approval. The property was owned in two separate irrevocable trusts which added an additional layer of complexity to the transaction. The lender agreed to move forward after reviewing the file with their legal team and also to close the loan within 14 days and approved $5 million in cash-out proceeds.
