Vickie | Commercial Real Estate Debt Refinance | Parker, Colorado

The Challenge

Vickie is a commercial real estate investor who owned a modern two-unit commercial property in a prime Parker, Colorado location. The property was fully leased and generating $12,000 per month in rental income — a strong asset on paper. But beneath the surface, her financial situation had become untenable.

Her $1.2 million mortgage was held by a hard money lender charging a punishing 30% interest rate. Combined with an outstanding SBA loan balance of $319,000, her debt service obligations were crushing her cash flow. She had missed several payments, which had significantly damaged her FICO score. The total refinance target of $1,549,000 — covering both loan payoffs and closing costs — represented a 75% loan-to-value against a $2.1 million appraisal.

Vickie had already approached multiple banks seeking to refinance her debt. Every one of them had declined her application. With nowhere left to turn through conventional channels, she found Aspen’s website and called the 800 number.

Aspen’s Approach

The call came directly to Flo Lattery, who took Vickie through Aspen’s full Discovery Process. From the outset, Flo recognized that this would be an exceptionally difficult transaction — poor credit, missed payments, a high LTV, and a string of prior bank declines. Rather than turn Vickie away, Flo committed to a deep dive.

After collecting all of Vickie’s documents and conducting a thorough review, Flo identified the lender in her network most likely to have the flexibility and appetite for this type of transaction — a California-based lender with experience in complex, non-conforming refinances.

Flo presented the loan to the lender with full transparency — outlining every challenge, every complication, and every reason the banks had said no. The lender agreed to review the package.

Navigating the Obstacles

The underwriting process was intensive. The lender’s team initially declined, citing two primary concerns: the 75% LTV was at the upper boundary of their appetite, and Vickie’s history of missed payments raised significant underwriting risk.

Flo did not accept the decline. She negotiated directly with the lender — making the case that Vickie had caught up on all back payments and was keeping both loans current. She argued that a successful refinance would materially lower Vickie’s monthly payments, removing the financial pressure that had caused the missed payments in the first place. Vickie had committed to making all future payments on time. The argument was compelling. The lender agreed to continue.

A new obstacle then emerged. When the payoff statement arrived from the hard money lender, it included excessive fees that had not been anticipated in the original loan structure. After full underwriting, the numbers required Vickie to bring $40,000 to closing — cash she did not have. The deal appeared to be dead.

The Creative Solution

Flo identified one remaining path. Vickie owned her personal residence and had equity available. Flo proposed leveraging that equity — using a second lien on Vickie’s home to provide the additional capital needed to close without requiring cash from Vickie.

Vickie agreed. The lender placed a second lien on her personal residence, providing 100% financing on the commercial refinance. Vickie brought nothing to closing.

The transaction closed.

The Outcome

  • Vickie’s 30% hard money mortgage was refinanced at a dramatically lower rate — eliminating the crushing debt service that had destabilized her finances

  • Her SBA loan balance of $319,000 was consolidated into the new financing structure

  • Closing costs and fees of $30,000 were rolled into the loan — no out-of-pocket expense to Vickie

  • She closed with zero cash out of pocket — 100% financing through creative use of her personal residence equity

  • Her monthly payment obligations were significantly reduced, restoring positive cash flow on a fully leased, income-producing property

  • A financially distressed investor was given a viable path forward — when every other lender had said no

Client Quote

“After closing, she called and thanked me profusely for helping her to get out of a very difficult financial situation.”

— Flo Lattery, Founder, Aspen Commercial Lending

What This Story Demonstrates About Aspen

  • Persistence — Aspen does not walk away when the first lender declines. When the underwriting team said no, Flo negotiated and won.

  • Advocacy — Flo made the case for Vickie with transparency, data, and conviction — turning a lender’s decline into a conditional approval.

  • Creative Problem-Solving — When the payoff fees created an insurmountable cash-to-close requirement, Flo identified a creative solution using Vickie’s personal residence equity that no bank had suggested.

  • Deep Lender Relationships — Aspen’s California lender relationship was the key that unlocked this transaction. No bank, no broker without that relationship could have delivered this outcome.

  • Client-First Commitment — Vickie came to Aspen with poor credit, prior bank declines, missed payments, and no cash to close. Aspen found a way. That is the Aspen difference.


Additional success stories will be added as transactions close.