Third times a Charm! We had this rate & term refinance brought to us twice before, but in each case the borrower had some issues that arrived that ended up with us having to deny the loan request, but the third time the planets lined up in his favor.
All of the challenges to this transaction were borrower related, combination of credit issues, in accurate financial reporting, tax liens, law suits, etc. The subject property itself was performing well.
Ideally the borrower needed a low doc loan but all lenders that were available passed on the transaction, however ALB was able to finance through a bank that required full doc but showed extreme flexibility and they priced up for it in the rate. This allowed the client the ability to get out of a short term high interest bridge loan and paying interest only; we placed them into 5 year fixed that paid down principal and interest.