ASSIGNMENT:

ALB was destined to finance this small 8 unit building. The property was for sale and we had at least 4-5 borrowers contact us with interest in having us finance the building and three of the borrowers actually went into escrow and the last borrower was in a 1031 exchange. He was a repeat client but came to us with just a little over 30 days left in his exchange.

CHALLENGE:

The biggest challenge was the short fuse we had on the transaction. Do to market conditions the appraisals are taking extra long to deliver, but we were able to get a good jump start on the deal with an appraiser who was able to shuffle around some appointments to accommodate.

SOLUTION:

ALB structured a solid 5 year loan with a Credit Union that is okay in financing small deals in the Inland Empire. We closed 1 day before the exchange deadline. It pays to work with professionals like ALB Commercial Capital especially when there is no room for mistakes.