We were referred to the transaction by a realtor with whom we had just closed a different transaction with. On accepting the assignment, we came to learn that while his client was previously in escrow on the subject property the Lender they were working with ultimately ended up dropping the ball and was not able to close the transaction. Fortunately, the agent was able to round up other investor friends so that the property could be purchased all cash and escrow was closed. Thirty days later we came into the picture and were working on a cash out refinance. The goal was to maximize the proceeds so that all could invest into another property.
The clients when they purchased the asset felt that they bought it at less than market value, therefore our challenge was to deliver a lender that had no seasoning requirements, so that we could work from a new appraised value versus utilizing the value of when they purchased the property just recently.
Far too often we come across scenarios like this where we meet a borrower who went somewhere to get financed and ultimately they ran into problems with the lender they chose who was unable to deliver. At ALB we have earned a reputation of having access to all the right programs and the knowledge and skills required to structure terms that meet our clients' goals. This is just another example of ALB having the right goods and the know-how. We obtained a higher appraised value and cashed out all the funds that were originally invested into the deal. Everyone was happy and we hope to be working again with this group as they grow their portfolio.