This was a cash out refinance loan request for a repeat borrower. The client wanted to improve rate, preferred interest only, and needed some cash out to apply towards a purchase we were working on for him.
The biggest challenge on this transaction was the appraisal. It is ridiculous how busy the appraisers are and the slow turn times. We had to close this transactions concurrently with a purchase we were handling for the client.
We were able to negotiate forgiveness on the prepay, obtain a great 5-year fixed interest only, get the cash out that the borrower needed, and closed the transaction on time concurrently with the purchase they were in. Just another example of how ALB delivers results.