ASSIGNMENT:

It is always great when we have a client with whom we have not seen for a minute returns to have ALB help with their commercial financing.

CHALLENGE:

The client had transferred properties to his new domestic partner who then became our borrower/guarantor.  Many lenders would have a tough time with this but we delivered.

SOLUTION:

A new LLC was formed and because of the organizational structure we were able to only package the Wife as the main qualifying borrower but we did have both sign the promissory note as guarantors. Transaction closed thank goodness. Was a little worried when we received the appraisal because the value came in lower than expected, but the lender was willing to increase their allowable LTV. DEAL CLOSED!