Cash out refinance loan assignment requested by past client. About 30 days prior we had just completed a cash out refinance for the client on another apartment building he owned in the same market area.
The borrower had high expectations on the cash out requested, and therefore the appraised value was probably the biggest challenge to overcome. The appraisal is outside of our control and although we felt the value needed was realistic you still have the potential of an appraiser low balling you on value especially on a refinance.
ALB structured similar terms for the client with the same lender used on the last refinance. Turned out to be perfect timing as the rates ticked up, but fortunately we had locked the borrower in at the low interest rate. Client was kind enough to send us these kind words. "Thanks for arranging what has to be the easiest refi ever. Everything closed on time and the wire with the proceeds arrived when expected. I will definitely call you with any financing needs in the future." At ALB Commercial capital we strive to reach customer satisfaction, give us a call on your next transaction and see for yourself.