LTV: 70%, $4MM
Terms: 1st 5/1 ARM @ 4.50%
Challenge: The borrower was encumbered by the IRS and wanted to take cash out of his primary residence to pay-off the IRS tax lien. The borrower required a bank statement program due to his tax returns not being filed for the current tax year. Insignia Mortgage was able to get the lender comfortable with the borrower’s business cash flow through an in-depth analysis of the business bank statements. The IRS was paid in full through the loan proceeds.