One of our preferred Commercial Real Estate Brokerages referred us to the Investor. The client had just sold a few Apartment Buildings in the San Bernardino market area and was exchanging into NNN properties. This was the first assignment for a potential four or five planned NNN purchases.
Have you ever heard that saying too many chefs in the kitchen? Well that was what this transaction felt like. The lender was a credit union that had recently participated with a CUSO and this was really awkward in having to deal with this third party throughout the transaction. We are much more comfortable dealing direct and not working through these type of intermediaries.
At ALB we do our best to build relationships in each and every transaction and in this scenario we remained focused on the task and ultimately the deal was closed. During the deal we started three more loans for the client. The client is a great guy and hope to continue to work with him, he is truly a distinguished gentleman.