This was a purchase transaction assignment for one of our VIP clients and simultaneously we were handling a cash out refinance for them.
Great property that had been under long term ownership by the same owner for over 50 years and the property had significant upside in rents. Due to the low rents debt coverage was a big issue.
At ALB we have access to all the best loan programs and we quickly identified the best loan option for this purchase. Besides great rate and terms we needed the highest leverage possible. This was an end of year transaction and unfortunately didn't make closing by Christmas but did close the first week of January. Everyone was happy and we were off to the next deal.