ASSIGNMENT:

A past client returned to us to refinance one of his Apartment Buildings that was right near the last one we had financed.  In prior years he had wanted to refinance but the property values weren't at the levels needed, but now with the rising real estate values it seemed like the timing was right.

CHALLENGE:

The biggest challenge on this credit file turned out to be the slow turn times on appraisals. Appraisers have been quoting ridiculous turn times and at increased appraisal costs. The other challenge was dealing with the year-end rush. The lenders were backed up and shorthanded from staff on vacation. Other than these items it was a smooth transaction.

SOLUTION:

The client wanted a 5 year fixed and ALB structured a loan that had the lowest 5 year fixed available on the market for a property in Riverside county. At the end of the day, we were able to get an additional $100k higher than from the original Letter of Interest. Great guy we hope to work with him again.