This was a purchase transaction the buyers were referred to us by the listing agent. The buyers own a hair salon and they have been paying rent at their current location and their goal was to one day own their own place.
The clients needed maximum leverage due to the minimal down payment they had, the credit was marginal, and their interim record keeping was not the best. All of this made the assignment more difficult.
ALB was able to structure a SBA 7a program for the client, which allowed for 20% down payment, and we were able to underwrite off projected income. We funded and closed the loan helping the borrowers achieve their goal of owning their own building for their hair salon business. To top it off we walked away with another new loan from the seller who was now entering into 1031 exchange. Life is Good.