Joe Landin wraps up his countdown of reasons why borrowers don’t always get what they want and also gives a great testimonial for American Life Financial by sharing a recent experience.
Laura Munoz: "What's your experience working with American Life Financial?"
Joe Landin: Wonderful, in fact, I've got the most recent experience. We had a gentleman that had a debt service coverage ratio, remember- number two. His debt service coverage ratio with four banks was coming in just that one and sometimes 0.75 depending on how they calculated but fortunately he had a light industrial building that was worth about three million dollars. Unfortunately for him he had a previous hard money loan that was ballooning on him and it was 12 percent and so with American Life Financial we dropped his rate from twelve to eight point nine percent. We took him from a twelve month with a balloon to a five year with a twenty year and he was able to cash out an additional five hundred thousand, that's how we were able to give him a point five mil and we did all in 30 days.
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