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Rescuing a Challenging Purchase Loan

We recently helped a homebuyer close on time after their loan was unexpectedly declined by a major lender just days before closing. The property was part of a two-unit condominium complex that had no homeowners association and no master insurance policy, creating financing challenges that many lenders were unwilling or unable to navigate.

Adding to the complexity, the borrower had experienced a six-month employment gap after being laid off in late 2024. While the borrower had since returned to work, the prior lender was unable to find a path forward.

After reviewing the file, we quickly identified a financing solution, transferred the loan, and were able to use the existing appraisal to avoid additional delays and expenses. Not only did we keep the transaction on schedule, but we also secured an interest rate that was 0.125% lower than the borrower's previous approval.

 

Property Details

Price: $1,340,000

City: Redondo Beach

State: CA

Zip Code: 90278