We recently helped a borrower in Kings Point, New York, secure a $2.375 million 30-year fixed-rate mortgage with a 10-year interest-only feature. While the transaction may have appeared challenging at first glance, our team took a deeper look at the overall financial picture. It delivered a solution that many lenders would have overlooked.
Looking Beyond the Mortgage Lates
The borrower had experienced a difficult period as several of their businesses faced financial challenges. During that time, multiple mortgage payments were reported as late. By the time the borrower approached us, however, those mortgage lates had already aged beyond the most recent 12-month period. Many lenders rely on rigid overlays and would have immediately viewed the file as high risk. Instead, we carefully analyzed the circumstances surrounding the late payments and evaluated the borrower’s current financial position rather than making assumptions based solely on past events. By strategically pricing the mortgage late payments based on the actual risk profile, we were able to provide a far more competitive financing solution than the borrower had previously been offered.
Qualifying Income from Multiple Businesses
One of the biggest advantages of working with experienced mortgage professionals is their ability to evaluate complex income situations properly. In this case, the borrower owned interests in three separate businesses. Rather than relying on a single tax return or a simplified income calculation, we reviewed all available income sources to develop a complete financial picture. This approach enabled us to accurately assess the borrower’s repayment capacity and ultimately structure a loan that met both the borrower’s needs and investor guidelines.
Loan Details
Location: Kings Point, NY
Loan Program: 30-Year Fixed Interest-Only
Loan Amount: $2,375,000
Transaction Type: Rate and Term Refinance
Property Type: Single Family Residence
Loan-to-Value (LTV): 67%
Credit Score: 676
Loan Structure: 30-Year Fixed with 10-Year Interest-Only Period
If you have been turned down elsewhere or believe your income situation is too complex for conventional financing, our team may be able to help.
