ASSIGNMENT:

This was a purchase transaction, and the buyer/borrower was referred to us by the selling agents. The borrower was in a 1031 exchange, and we had a deadline to meet.

CHALLENGE:

The property was in a tertiary market area and it had one non-conforming unit and the electric panels were older making it difficult to insure the property.

SOLUTION:

The borrowers were excellent and as for the property a great insurance lady was able to obtain insurance allowing the buyer time to update all the electrical panels after closing. The selling agent negotiated a sweetheart of a credit for the buyer. We obtained a great loan, and the deal closed.