ASSIGNMENT:

About a year ago we financed this property for the investors. It was a short sale at that time and we had no choice but to finance it under a bridge loan but now the ownerships management has completed all renovations and stabilized the occupancy. It was time to get them out of the bridge loan and into competitive bank financing.

CHALLENGE:

The biggest challenge was timing.  From the time we issued the letter of interest the interest rates were on the rise. The investors had a few units left going through final renovation work before tenants could take occupancy.  The interest rate locked at time of LOI but for only 60 days and we had to stall on the appraisal until the property was ready, which was cutting it very close on losing the rate lock.

SOLUTION:

We closed the loan and kept the rate what a blessing right before Thanksgiving. Everyone was happy and ready to celebrate their holidays and we were off on to the next transaction.