Originator: Dana Blair
Challenge: The borrower found a bank-owned property that was a good value and acquired it in September 2011 using a high-rate conventional bank loan in order to meet time constraints. He wanted to refinance the loan to save money on his debt payments and to release the other encumbered properties.
Solution: Despite the fact that the loan was so fresh, Dana was able to refinance the debt through HUD’s 223(f) program at 100% of cost and 79% loan-to-value. In addition, Love Funding was able to secure a commitment back from HUD in less than 60 days.
Deal Insider provides insights into Love Funding’s recent loan closings, with an emphasis on how the originator helped the client address a specific challenge.