ASSIGNMENT:

This was a purchase transaction for a new investor who was referred to us by her agent. The borrower had to have interest only and we were competing for the business. It was like bases loaded and going up to bat and we needed to hit it out of the park on this one.

CHALLENGE:

The investors financials were great, however they lacked experience with multifamily and because of this the lender when out of underwriting and getting ready for loan committee at the last minute of the transaction they called to say they were going to take away the interest only option that they had offered to the borrower in their initial letter of interest.  This was a real deal killer because from the start interest only had always been of utmost importance and is what won the deal from alternative lender options. Fortunately, we were able to rebuttal to the lender on this and swayed their decision to keep the interest only offer in play.

SOLUTION:

We closed on time and at the terms offered and happy to meet a great new investor who we think has a bright future with Multifamily investments.  Kudos to her realtor, she really works hard for her clients.  Every client is unique, every situation is different, and no two transactions are exactly the same.