This was a purchase of an off-market asset. The investor located the property and dealt directly with the seller. Great investment property was purchased at below the current market value.
The transaction was actually very smooth; we had a borrower who was organized and returned all requested documentation in a timely manner.
The investor when he called upon us for assistance, he knew he wanted a 10 yr fixed with 5 yrs of interest only. That is exactly what we provided. The deal closed and we hope to be working together again.