• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

10 Units Multifamily

Another Successful Funded Loan

  • $1,920,000
  • 5 Year Fixed I/O @ 6.120%
  • Purchase - 63% LTV
  • 10 Units
  • Multifamily Property
  • Long Beach, CA

ASSIGNMENT:

This was a purchase transaction for a long-time repeat client for ALB. Coincidentally the client was buying back an apartment building that he had sold a few years prior to the seller.  Now you don't see that every day!

CHALLENGE:

The biggest hurdle on this transaction was the rising interest rates caused the need to put more money down.  It really was amazing how just 6 months earlier we had closed a transaction for this same borrower with rates in the 4's and now they are in the 6's.

SOLUTION:

ALB structured a nonrecourse 5 yrs interest only and closed on time. Everyone walked away happy.