ASSIGNMENT:

An investor had been trying to sell the property, but the market conditions were slow. They had a bridge loan that was coming due, so the listing agents referred them over to us to handle their refinance.

CHALLENGE:

The property was originally ground up construction project venture conducted by a syndication of investors. During the loan process we learned that many of the entities and their documents had to get corrected and in order during the refinance process. No big deal but did slow us down a bit. Also, rates were starting to rise so we needed to get this deal moving.

SOLUTION:

We placed the borrowers into a 3-yr program at a great rate and low prepay period. The plan is to re-look at things in three years and see where rates are at. The managing members we dealt with were great guys and really easy to work with. Look forward to working with them again.