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Velocity recently refinanced a 10-unit multifamily property in Compton, California with a $617,500 stated income loan. This cash-out refinance transaction paid off an existing bank loan and provided approximately $75,000 in proceeds to the borrower, while reducing his monthly payment by over $500 per month.
Although the borrower came to Velocity with a 640 credit score, he possessed strong experience as a real estate investor (with six additional rental properties) and stable employment (eight years in law enforcement). As a result, he was approved for a 10 year fixed rate loan through Velocity's stated income lending program. Additionally, the mortgage broker who brought the deal to Velocity earned a total commission of $15,437 (fee and rebate) on the transaction.
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