ASSIGNMENT:

This was a cash out refinance transaction. The borrowers were repeat clients and we had previously financed this apartment building for them when they had purchased it.

CHALLENGE:

The property had recently been purchased and the borrowers had made significant capital improvements, significant rent bumps, started charging for parking and instituted a rubs program. The challenge when refinancing was making sure we were able to provide the Underwriter & appraiser supporting documentation so they could give full credit for these items for underwriting & valuation.

SOLUTION:

The loan officer at ALB Commercial Capital was able to structure a low interest rate loan program with a small credit union that had no seasoning requirements and allowed up to 75% loan to value on a cashout refinance.  Everything worked out as planned and we were able to maximize the loan dollars for the borrowers. This is just another example of how our experience helps investors achieve the required results.