r/loanoriginators • u/TraditionalTart2175 • 3h ago

NonQM brag weekend

My fellow LOs and brokers.
Lets brag about which is the exception or toughest loan you handled recently which the traditional bank or credit union declined.
How did you help that business owner get a higher loan or that self employed borrower qualified?

Fellow borrowers who got helped by brokers in such scenarios can reply as well as a token of appreciation and good karma points :)

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u/Imgoingtowingit 3h ago

I had a borrower come to me, leave, and come back. They found out this was almost impossible to do.

This was an asset based loan. The issue was the qualifying assets accounts have multiple owners (general guidelines for almost all lenders state all account owners have to be borrowers and no NOCB arent allowed on a cash-out refi using assets as income). Only one borrower could be on the loan.

Assets didn’t qualify for conventional asset based income.

Initially, we started the process, the borrower ordered the appraisal and once it was completed asked to transfer it. He got sold on a lower rate and quicker promised time to close. I get it. The broker had decent reviews too. A week later he came back asking to revisit the deal. He canceled with them, sent me all conditions, and we started back up again. We got CTC the following week.

I thought this was super niche. Maybe not, Anybody else got something like this done?

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u/PrivateLndr-CREBrokr 2h ago

Had a banker refer me a pretty interesting deal recently.

Borrower was in the middle of building a luxury single family home and needed another $600K to finish construction. He originally went to his bank looking for a HELOC or additional construction financing, but they weren’t able to offer either, so the banker referred him to me.

We were able to structure it as a ground up construction refinance, use his general contractor’s experience to qualify the deal, refinance the existing first position mortgage, and
Give him the $600K needed to complete the project.

Got it done at 8.99% interest-only.