ASSIGNMENT:

A past client of ours had recently sold an apartment building which we also financed for the buyer who also was a past client, anyhow our client (seller) entered into a 1031 exchange to purchase this subject property as his upleg and he and the agents involved contacted us to assist with the financing. Little did everyone know how difficult of a task this was to be.

CHALLENGE:

The subject properties rents were low and therefore required a huge down payment, but there was a big upside on this if someone could get in and then start to work on the rent stabilization.  Our borrower wanted the property but he did not have enough towards the down payment and he required 75% LTV to make the deal work and the property was coupled with a Tribal land lease.

SOLUTION:

ALB was able to structure a bridge loan with a lender that financed 75% LTV and had agreed to finance despite the sovereign tribal rights. This was a huge accomplishment since the deal had been turned down multiple places. We really were tested on this one but once again ALB kept to their reputation by delivering the goods.