It's more than just a business it's the relationships/friendships that are made along the way that are priceless. This was a purchase transaction where we had an opportunity to work with the son of two of our best clients. Such an honor to be entrusted to work with this young man as he follows in the footsteps set by his parents. His parents definitely have set the bar high but we can see that they did well in raising their son and he is going to soar high.
The rents were low on the property which naturally resulted in a large downpayment. This was somewhat offset by the seller providing a rent increase and instituting a charge for parking all while we were in escrow, ultimately this helped improve the NOI.
We structured a 5 year fixed with full term interest only. This helped the borrower to cash flow better, and give him time to work on continuous rent increases until property was stabilized to market levels. Hope to be working with the client again, We see him going places!