A father son team whom we have financed over 100 million, just sold their last multifamily asset in Long Beach Ca. A definite milestone type sale launching them into a different level. Turned out to be a 1031 exchange assignment
These clients were big players in the long beach area but once you go out of state on big transactions like this, management becomes a concern, and then large loans like this not many portfolio banks in the game. We also needed low doc and max IO.
We were able to place this under a Fannie MaeDus program and got some rate discount for green rewards program, and for a 10 year fixed we achieved 6 years Interest Only. Quick Close as well.