A past client returned to ALB Commercial Capital for a new purchase. The client was in a 1031 exchange having sold an apartment building and it just so happened that we were financing that as well for the buyer who was also a past client.
The transaction went smooth with no hurdles.
The borrower's downleg property had a prepayment penalty, but ALB was able to get it waived entirely for the client by replacing with a new buyer/borrower and also bringing over the purchase transaction to the lender. having the right relationships are important in this business and help when you have special requests. Both deals were funded and closed and we are already working on a new loan for one of the borrowers.