ASSIGNMENT:

An investor had been in escrow to purchase this building and had been working with a different mortgage broker who ended up not pulling through. The listing agents with whom we have financed hundreds of millions in loan volume over the years, referred the borrower and his agent to us, and we jumped right in.

CHALLENGE:

This wasn't the first time we picked up on a transaction where someone else blew it. First step was picking up the pieces from where the other guy dropped the ball, and as we started digging into the transaction and gathering the borrowers documentation, we soon realized that the other broker was just not well versed in commercial lending therefore lacking the know-how and the relationships with capital sources.

SOLUTION:

We placed the borrower into a 5 yr fixed and the borrower was surprised on the interest rate and loan terms as they were better than what he had previously been offered. We managed the transaction closed and hope to do more business with the new client. Knowledge & experience count and with ALB you get both plus more.