ASSIGNMENT:

These were first time investors on Apartments referred to us by the selling agent, with whom we had just closed a transaction for one of his multifamily listings.  He liked the way we worked so he gave us a chance at this transaction. The buyers recently sold some units they had and decided to give 5 units and up a chance. Since they had never applied for an apartment loan we had to educate them on the differences in residential to commercial lending. 

CHALLENGE:

The clients had limited funds coming from their down leg exchange property and they still needed to have sufficient reserves to meet a lenders requirements and those two factors pretty much dictated their purchasing power. We analyzed multiple properties for them before they finally got an accepted offer. For the transaction I think the biggest challenge was finding the replacement property.

SOLUTION:

We structured a nice 5 year fixed loan for the clients and closed quickly.