Some preferred realtors that we work with introduced us to their client who was in a 1031 exchange. He had identified this up-leg property and was seeking best rates & terms. He had been interviewing other lenders but ultimately he decided to go with ALB Commercial Capital.
The biggest challenge that we had on this transaction was the borrower's schedule. He worked graveyard shifts and his work periods were very demanding for a couple of weeks and then he would have a couple days off. Therefore, it was a little slower than we liked in getting the doocumentation that we needed, but it all worked out.
We structured a loan that maximized the leverage on the asset. Unfortunately, the property had an appraisal issue but ultimately, we were able to work with the lender to increase their allowed leverage, and as a result the borrower didn't need much more additional funds to bring into the transaction. The deal closed and all were happy. As a matter of fact we already started another deal with this same borrower. When you are looking for a firm that delivers then you too should call ALB Commercial Capital.