This loan type is an extremely difficult one in today’s capital-challenged lending environment…an all cash-out super-jumbo residential refi. Fortunately, SFG has had a great deal of experience with the loan type, asset-class and in lending within the subject’s immediate market area. SFG had previously and repeatedly seen and denied this request at a much higher loan amount, but the last broker that presented the transaction was able to properly explain the lending realities of the present market to the applicant. The result was a site inspection performed the same day that an acceptable loan amount was established and the issuance of a meaningful LOI the following day.
While there were a variety of factors that led to SFG’s affirmative lending decision (sponsorship, asset location and quality, lot size and view orientation, market conditions at that price point, real value and the resulting LTV, etc…), perhaps the most important element in actually getting the deal done was the broker himself. The broker that presented the final, successful request truly understood what it took to make the deal happen, knew that someone would get the deal done at a reduced, more realistic level and decided he would be that someone. He worked closely with the borrower and underlying broker to keep them on the correct page right up until the day of closing. Great borrower, terrific asset, excellent loan, combined with a very astute, and now handsomely rewarded, broker. Be that broker and bring your very best borrowers and sensible loans to SFG…no matter how challenging the request.
