ASSIGNMENT:

We had financed this property back when the client had purchased the apartment building, but now fixed interest rate term was burning off and rolling to a not so desirable interest rate.  The assignment was a rate and term refinance taking out the current loan and placing the investors into a better program for the next 5 years. We approached the current lender but their interest rates at the time just weren't competitive 

CHALLENGE:

The biggest challenge was that when the client purchased this property interest rates were 3% lower than today so the property at that time had qualified for a larger loan amount. Therefore, identifying a new lender that offered a low rate and low DCR were important requirements to work through the challenges for this rate & term refinance. No matter how you sliced it the borrower's would need to infuse some funds in order to pay off the existing note and all we could do is try an minimize the required cash infusiion. 

SOLUTION:

One of our key strengths at ALB Commercial Capital is our knopwledge of available loan programs that would be the best fit for a borrower and their situation. We structured a loan with a lender that had the best rate and  that would achieve the highest loan amount. This reduced the amount of money the clients had to bring in out of pocket. Clients were happy and last we heard they were getting ready to leave for a big family cruise.