ASSIGNMENT:

This was a purchase transaction for a couple of our top commercial brokers that we work with. We received the assignment and because of the current low rents we needed to find a suitable solution that would offer maximum leverage.

CHALLENGE:

The seller of this property had owned it for a very long time and over the years kept poor record keeping and kept his rents extremely low. The buyers had a certain amount of funds to get into this property and we had to puzzle this deal together.

SOLUTION:

ALB was able to structure bridge financing at a very competitive rate and with the borrowers cross collateralizing a few other properties they had, it appeared that we were offering 100% financing but in reality, it was 75% of combined loan to value. No appraisal was required. Deal closed we will take this loan out with conventional financing once the rents are increased and we are now working with the seller on his upleg financing. Love this business!