The borrower was referred to us by a broker with whom we have closed many transactions over the years. For the buyer it was his first multifamily purchase, actually his first real estate investment all together.
The biggest challenge was educating the borrower on the different nuances that are typical when applying for financing for an apartment building. Other than that, it was quite smooth up until near final underwriting when he decided he wanted to vest the property under a newly formed LLC. No worries fortunately he was working with the professionals at ALB who were able to guide him through the process to make this happen.
Because this was the borrower's first investment property, he was required to have a management company manage the property for him. ALB structured a good loan for him and closed the deal! He indicated that he would be back soon for his next investment. Earning someone’s trust & confidence is a rewarding feeling. :)