$1.1m Loan, 7 Years Fixed, Interest Only Payments
OPPORTUNITY:Steelhead's expertise was required to assist a borrower who had made an offer to purchase without having secured their down payment. We refinanced the existing residence during the negotiation period of the subsequent purchase to obtain the down payment.
SOLUTION: The seller of the new property required a 12 day close of escrow. Steelhead choreographed a lock step plan with the borrower to close the purchase in 12 days time.
A Double Play
-- $1.0m cash out refinance, 7 yr IO, 5.875% (to access some trapped equity for down payment)
-- $1.5m purchase, $1.1m loan amount. 7 years fixed interest, interest only payment, 6.00%.
Steelhead Residential Funding is a mortgage brokerage in California (CA Dept. of Real Estate - Real Estate Broker #01400712) and Hawaii (Dept of Commerce and Consumer Affairs #MB 1264). Information provided by you to Steelhead Residential Funding through this website shall not be considered an application for a mortgage loan. An Equal Housing Lender. Steelhead Residential Funding is an independent company under the guidance of Steelhead Capital, Inc. Purchase and financing advice are offered as part of the full service nature of the lending process, however neither Steelhead Capital or its affiliates are responsible for investment decisions. No guarantees are offered or implied to visitors of this website. Thank you for your interest in working with a professional mortgage broker from Steelhead Residential.