This was a cashout refinance for a past client who was seeking to cash out funds being used to buy another apartment building.
Things got a little sticky on the transaction because the main reason for the refinance was because the client was in escrow on another Apartment Building. However, the other deal unraveled when the seller was not cooperating with the borrower. Despite the hurdles on the purchase transaction our borrower decided to continue anyways with the refinance with the plan to save the cashout for a future purchase.
ALB structured a fantastic low interest rate loan program for the borrower and closed the transaction and will hopefully be working with the borrower again when he finds a new property to purchase.