ASSIGNMENT:

This was a purchase Transaction for a past client who was in a 1031 exchange. The Listing and selling agent happened to be a realtor with whom we have financed other apartment building sales transactions.

CHALLENGE:

On paper it looks like a simple transaction but actually it had difficulties because of the multiple parcels that included an Apartment building, Single family units, and a parcel of vacant land that were located across the street from one another. The challenge was structuring one loan for all 14 units in a tertiary market and obtaining insurance was a great big headache.

SOLUTION:

It wasn't the smoothest transaction to say the least! Although we had identified a lender that was willing to structure a loan against all properties the lender's process was not at all efficient. In the end the deal closed and we are now already working up numbers on other deals for the same client on other apartment purchases. :)