• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

12 Units Multifamily

Another Successful Funded Loan

  • $1,839,000
  • 7 Year Fixed @ 3.590%
  • Purchase-55% LTV
  • 12 Units
  • Multifamily Property
  • Santa Ana, CA


This was a purchase transaction that we were handling for a repeat client, who was in a 1031 exchange. we had closed many loans for her and worked on many transactions with the selling agent. This seller was being represented by a fiduciary 3rd party and apparently they had a bad experience with the previous buyer who fell out of escrow due to problems the buyer had with their lender.  This put some pressure on us to perform.


UUUGH! We had a very qualified client no problems with them or with the property and we were at 55% LTV. However, our borrower had another property on their schedule of real estate that unfortunately had a pending law suit. This became our biggest challenge because the Lender required that the case be settled in order for them to approve the loan for this subject property.  This was not that easy of a task considering the number of parties in the law suit, the attorneys were in no rush to satisfy our request since the law suit had nothing to do with this purchase, and the courts were closed due to Covid-19.


We had the loan placed with Freddie Mac SBL program and we were able to get enough supporting documentation to allow the Lender to approve and close the loan. Fortunately for our client, as a result of the good relationship we had with the Lender's seller Servicer they had agreed to hold the loan on their books until the courts re-opened  whereby they could then verify that the case status reflected as case dismissal which then allowed Freddie to buy the loan from them. This transaction became tense and I felt as if we were going to lose relationships over something that was not our fault, but as it turned out it was our relationships with the seller servicer that got the deal done.