Allied Mortgage and Financial Corporation Completes Cash-out Refinance in Vegas.SUNRISE, Fla. -- Allied Mortgage and Financial Corporation (AMFC AMFC American Machine Foundry Corporation ), a wholesale collateral-based lender specializing in hard equity, today announced it has completed the cash-out refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. of a 21,807-square foot office and manufacturing building in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada. Based on the property's valuation of $4,900,000, AMFC loaned $3,185,000 with a 65 percent LTV LTV See: Loan-to-value ratio (loan-to-value). The borrower refinanced the existing mortgage, using the equity to purchase new equipment to meet the demands of its growing customer base. The transaction closed within three and a half weeks, meeting the borrower's tight timeframe for completion. "Allied has a significant advantage in that we can greatly expedite the lending process," said Anthony Chao, COO of Allied Mortgage and Financial Corporation. "We fund, underwrite, process and close loans in-house, creating greater efficiencies that enable Allied to close loans faster. The appraisal is the longest part of the process, and as a collateral-based lender, Allied is vigilant about accurate property valuations. We often use three methods to value a subject property to protect the integrity of the loan." In the past few weeks, AMFC also closed two transactions in Colorado, including a rehab of a ski resort and financing for the conversion of an eight-unit condo complex, as well as the refinance of a 26,500-square foot office building in Atlanta, Georgia, further expanding the company's presence nationwide. About Allied Mortgage and Financial Corporation Headquartered in Sunrise, Fla., Allied Mortgage is a wholesale collateral-based lender specializing in residential, commercial, and correspondent hard money lending. Allied Mortgage works with borrowers who may be constrained by time or an impaired credit Impaired Credit The deterioration of a borrower's credit rating. Notes: Any weakening of a company's finances will cause an impairment of credit. Consequently, it results in a reduction of the credit offered by lenders. history, lack of ability to document income, unique property types, debt coverage ratios unacceptable to banks and provides solutions based on property values. The company offers foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. bailout bailout The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout. and subprime fallout loans. Currently operating in five states, the company is in the process of expanding to several other states across the nation. For more information about Allied Mortgage, please visit the company on the Web at www.alliedmortgage.net. |
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