This was a refinance transaction for a new client that was referred to us by one of the realtor brokers we've worked with over the years.
The property was purchased less than 1 year ago and therefore seasoning was an issue with many lenders. In order to accomplish the borrower's requested loan amount we required a new value higher than what they had paid a few months prior, Additionally, after the purchase the property was mostly vacant while the property went through renovations and as a result we had a lack of historical info or operating statements.
ALB was able to structure a loan for the borrowers with a lender that did not have a seasoning requirement and that was okay with using a new appraised value and underwrote using a proforma versus the norm of two years and Year to date income expenses. We closed and the borrower already referred us to one of his associates. Repeat & Referral business built from customer satisfaction is one off our founding principles here at ALB.