ASSIGNMENT:

A little over a year ago we had helped a couple of our favorite brokers when they purchased this property, and we were able to provide them 100% financing. Now after over $1 million in capital improvements and over a year in leasing all units to market rent levels, it was time for us to refinance them out into permanent financing.

CHALLENGE:

The main challenge was we needed to be able to take them out of the previous 100% financing which was a 1st trust deed and a second crossed against several other assets.  Therefore, the appraisal was important and we needed a program that underwrote aggressively, finding a loan program that offered a low prepayment penalty period was of high importance on the new loan because everyone was optimistic that interest rates will drop in next few years.

SOLUTION:

At ALB we pride ourselves in having long relationships with all of the best sources and for this assignment we were able to obtain a 7 yr fixed that was offered at a very competitive rate and with a short term prepayment period.  The appraisal came in at a good value and we were able to pay off the loan in full and still have available to borrowers some cashout funds.  So happy for the Agents/Borrowers they are really great guys and deserve all the best.