ASSIGNMENT:

This was a purchase transaction of a property we had seen a few times throughout the year, so we were happy when we ended up having an opportunity to finance for borrowers who actually wanted to close on the deal.

CHALLENGE:

We were up against competition with a brokerage firm that was quoting a life insurance company loan. They also had a good rate but anyone who has done a life insurance type loan understands what it's like dealing with a life co loan and what is their true sweet spot, and this just wasn't the deal for that type of program. We knew that our borrowers didn't have a whole lot of experience in financing multifamily and that ultimately that life quote would end up undeliverable, but we don't like down talking other companies, so we focused on beating the competitions quote and delivering the goods like we typically do.

SOLUTION:

We had a couple of different solutions for these borrowers but they opted for a program that we had presented that was a full document loan that offered 5 yrs of interest only. It wasn't an easy task getting this funded because of the client's financials but worked through it and successfully closed. Happy for the clients and we wish them all the best and hope to do business again.