This was a purchase transaction whereby the buyers were referred to us by the Selling agent for the property. We were familiar with the subject property since we had previously financed transactions for the seller. This was the buyers first multifamily purchase and at ALB Commercial Capital we like helping people get started in the industry.
This was a very simple transaction for us the biggest challenge was making sure that we spent a little extra time in educating the buyers who were not familiar with multifamily lending.
The property was located in a non-core market and also, we had a small loan amount and inexperienced borrowers. Because of these factors we structured a 5-year fixed loan with a small credit union which we knew would be able to successfully close on this transaction.