A past client returned to us for financing of another apartment building that they own. The assignment was to improve their interest rate and help them obtain cash out to be used for another purchase they were working on.
The biggest challenge to this transaction was the Appraisal turn times. The market conditions have created a backlog in the appraisal process and the delivery time frames have become ridiculous.
ALB improved the borrowers interest rate and obtained enough funds so that they can go and buy another building, which we are working on for them now.