ASSIGNMENT:

A past client returns to ALB Commercial Capital for another Apartment Building purchase.

CHALLENGE:

This was challenging mostly because the selling agent was a residential real estate not well versed in commercial real estate and therefore the offer was written with unrealistic time frames, which ended up putting everyone in a pickle at contingency removal time frames. The only program that was going to work for this client was a low doc Agency loan program and this type of loan program at minimum require 60 days.

SOLUTION:

The loan officer at ALB structured a loan through the Freddie Mac Small Loan program, and was able to manage the transaction guiding all through the process to a successful closing.