Trusted loan officer hustles to close three loans all at once

Loan officer: Bob Gerson. Property type: Single-family home in Hillsborough. Appraised value: $6.75 million.

Loan amount: $4.3875 million. Loan type: 10-year fixed rate, annual adjustable-rate mortgage after first 10 years. Other details: Cash-out refinance at 4.25 percent with 0 points. Backstory: My branch manager introduced me to some clients who wanted to discuss a cash-out refinance opportunity.

These clients bought the home four years ago, and they wanted to pull cash out to pay for renovations.

They sought us out as our bank does not have a loan limit for cash-out refinancing. And our portfolio offers 3-, 5-, 7- and 10-year adjustable-rate mortgages.

There was a loan from the Small Business Administration that was on their title report to secure a deed of trust. It needed to be paid off — along with a first loan.

Their appraisal came in lower than what the borrowers needed to recoup most of their cash back, so we needed to increase their loan-to-value by 10 percent in order to increase the loan amount.

We were able to accommodate the client through a pair of exceptions, which consisted of increasing their loan-to-value to 65 percent and a minimum FICO score of 700 or more.

The first exception gave us a 5 percent increase in loan-tovalue. At that point, the clients decided to go forward and open a pair of business loans to pay off the SBA loan. They also opened a line of credit.

Our timing came down to the last day in order to close both loans at the same time because our refinance was about to expire.

We were able to have our commercial loan department order a sub escrow with our title company so that both the commercial and residential loans get paid off to the separate lenders.

After all was said and done, we closed our refinance loan and the two commercial loans at the same time.