As a Realtor, you know not everyone fits the perfect mold for a new mortgage. Some clients have successful investment properties, but not enough cash for the full 20% down payment on a new property. This was the case for “Liam’s” client “Suzanne” who was purchasing a new $1MM investment property. Unfortunately, Suzanne couldn’t find a lender that could meet her limited down payment needs. Liam knew Suzanne was more than financially qualified for this mortgage and wanted to seek out a solution to her problem. Liam then made the call to BofI USA.
We take in a number of factors to build a new mortgage that fits the borrower’s current situation. Suzanne’s other successful investment properties were all owned outright. BofI USA was able to create a mortgage that allowed Suzanne to put down 10% in cash and utilize another property as collateral to offset her down payment. This creative solution ensured we had sufficient funds to secure Suzanne’s mortgage, while allowing her to continue building a successful investment portfolio without liquidating assets. Suzanne was able to obtain her new property; Liam helped a client find the right lender; and BofI USA was able to provide the best solution for another borrower.