A real estate broker that we do business with was trying to list the property for sale but the clients had a loan that was maturing so the agent referred them to us to seek Apartment financing that had no prepay if they sold the property.
There were not many lenders available to finance in this market area, and even more difficult to find one with no prepayment penalty. The property ended up appraising short from the expected value, and to date we think the appraiser made a mistake.
ALB was able to negotiate with the Lender to have them increase the loan to value, and we worked with the appraisal review department and got the value increased some but still feel they were short on valuation, but nonetheless the increase LTV helped. We closed and we continued on with another assignment awarded to us by the same clients.