This was a purchase transaction for a borrower that was in a 1031 exchange. He was referred to us by the listing/selling agents who are big referring partners for ALB Commercial Capital. The client sold a small building and was moving into this mid-size building.
The clients Tax returns were not strong and all of his income was from rentals. The deal was very tight with no room for slip ups.
In meeting the client we advised them on the importance of reporting the rental property income correctly on their future returns. We were able to get the client approved under Freddie Mac SBL program. He was happy and our referring partners keep sending us deals.