We had financed this apartment building just about 1 year ago when our client made the acquisition. These clients are very experienced and they were able to increase the gross scheduled income fairly quickly and they had put nearly 500K of capital improvements into the property. They have been in the market for a large acquisition and they called upon us to assist with a cash out refinance.
Since the property had just been purchased roughly a year ago we were faced with some seasoning requirements with many lenders and more importantly the current loan to be paid off had a prepay penalty.
ALB was able to negotiate for the borrower with the current lender of record and they waived the entire prepay, and ultimately when compared to other loan program options they offered the highest loan dollars, and they offered the borrower's 5 years of interest only payments.