Closed Loan in La Puente, CA
Property Type: Retail
Purpose: R/T Refinance
Loan Amount: $1,500,000
LTV: 75%
Product: 5-Year ARM
Interest Rate: 9.500%
Loan Program: Owner-Occupied Bank Statement
In this deal, the borrower was looking to refinance their retail property in La Puente, California.
There are a number of reasons why borrowers and their brokers look to Silver Hill Capital as a refinance solution provider. Sometimes the borrower is looking for permanent financing following their bridge loan. In other cases, the borrower is simply looking for a lower rate and more agreeable terms.
In this instance, the business owner was able to secure financing without having to produce personal tax returns. Thanks to our Bank Statement solution, they qualified based on 12 consecutive months of business bank statements – our team was able to determine that the retail business generated sufficient income to cover the debt.
