ASSIGNMENT:

This assignment was a purchase transaction for a borrower in a 1031 exchange. The client was referred to us by one of our preferred Real Estate Broker partners. The client sold some apartments in California but was now moving into NNN properties out of state.

CHALLENGE:

The upleg property was newly built and the tenant that was to occupy the building had not yet moved in as work was still being completed. They would not be moving in until after we closed the escrow, but fortunately the seller was agreed to cover three months of rent for the buyer. One big challenge borrower had no email, you have no idea how much this can handicap you in today's day and age.

SOLUTION:

ALB was able to structure 5 year fixed at 3.55% fixed for five years that then reset for another 5 years and we were able to also obtain 30year amortization for the client. A smokin good loan! Client must have been happy we are already working on a new transaction with them.