ASSIGNMENT:

This was a cash out refinance loan request for a past client who was seeking to get maximum leverage with the goal of obtaining max cash out to be used to invest in another Apartment building.

CHALLENGE:

This assignment involved taking out an Agency loan with a new agency loan and during the lenders legal review we came to find out about a pending litigation that the borrower was involved in and that the lender required to be satisfied and to reflect in court records as such.

SOLUTION:

We worked with the borrower's attorney and the plaintiffs attorney urging them to settle which they did but ultimately we were in a battle against time. We had a rate lock soon to expire and the processing turn time for the courts was backed up, but kudos to the lender who did a special favor for ALB and went to the plaintiffs attorney office picked up the original and delivered in person to the court house to have the county records clerk file over the counter to get registered in the court system as satisfied.