ASSIGNMENT:

Purchase transaction for a repeat borrower. Initially the deal started out as the subject property possibly being identified to be included in an upleg exchange, but in the end the downleg sale had not yet closed so the borrower just brought in their own funds to close.

CHALLENGE:

The assignment was actually very straight forward and considered business as usual for everyone at ALB, but the listing brokers made unnecessary awkward moments by interfering with the process by going around and pushing on the lenders appraisal review team. Was totally uncalled for and not appreciated, the transaction was in complete control. Guess the guys were hard up to receive a commission check!

SOLUTION:

We had financed 5 different properties for these borrowers and on paper they are great, but from past experience we realized if at all possible it would be best to put them into a low doc program that was less demanding on required documentation. The loan was closed and on time, and we look forward to the next assignment from the borrowers.