This was a purchase transaction for a new Investor client that was referred to us by the Listing agent. Happened to be the client's first Apartment Building.
When you get into some areas of Inland Empire and with small loan amounts it can be difficult finding financing. The property had rental income from a non-conforming unit and a trailer so we had to back out this income from the gross scheduled income. The property did not appraise at the sales price.
ALB was able to structure competitive financing for the borrower. We closed and we are now already working on two more transactions for the same borrower and with the same agent. This business is based on relationships each and every one is cherished.