ALB was destined to finance this small 8 unit building. The property was for sale and we had at least 4-5 borrowers contact us with interest in having us finance the building and three of the borrowers actually went into escrow and the last borrower was in a 1031 exchange. He was a repeat client but came to us with just a little over 30 days left in his exchange.
The biggest challenge was the short fuse we had on the transaction. Do to market conditions the appraisals are taking extra long to deliver, but we were able to get a good jump start on the deal with an appraiser who was able to shuffle around some appointments to accommodate.
ALB structured a solid 5 year loan with a Credit Union that is okay in financing small deals in the Inland Empire. We closed 1 day before the exchange deadline. It pays to work with professionals like ALB Commercial Capital especially when there is no room for mistakes.