$8,500,000 Loan financed!

Super Jumbo Financing challenge met by Drop Mortgage! Check out this recently funded loan through our Icon Elite program!

The Challenges with the borrower were as follows:

1. The debt-to-income ratio was greater than 43%
2. We used the borrower's business bank-statements when the borrower is only 50% owner of his business.
3. The borrower has multiple NSFs on the account throughout all 24 months
4. The cash-out went towards meeting our reserve requirements
5. Declining income for the most recent 12 months bank statements compared to prior 12 months

Final Loan Overview

• Owner Occupied
• Cash-Out Refinance
• $19,500,000 Property Value
• $8,500,000 Loan Amount
• $1,700,000 Cash-Out
• 44% LTV
• 700 FICO
• 24-Month Business Bank Statement Program
• 44.48% DTI Ratio
• 7/1 ARM – Interest Only – 480 Month Term

Renata Smith , Sr. Loan Officer NMLS ID# 1138149

[email protected]

Cell: (619)559-2762

Office: (619)346-4634