A past client returned to us with a goal of acquiring another building. This was a two-step process that started with us first refinancing an apartment building the client owned and pulling out cash so that they can purchase this apartment building.
The market are of the subject property was considered to be smaller, non-core and tertiary according to the lender that we had placed the borrower's refinance. No worries their loss, ALB took the deal to agency to provide financing for the purchase. Therefore, our biggest challenge was management of the typical arduous process that accompany agency loans.
Strangely enough the property being purchased had an existing 1st trust deed with the same lender that we were working with on our buyer's refinance that we were doing to gather funds for this purchase. It was a surprise then to learn that the lender who had a loan on the property already for the seller could not finance a loan for the buyer because of the market area. That makes no sense, but nevertheless ALB had an assignment and was able to place under Freddie Mac SBL program and with great terms for the buyer.