ASSIGNMENT:

This was a purchase transaction of a single tenant NNN light industrial property.  The investor was referred to us by one of our preferred real estate brokers with whom we have worked with over the years. We were also told to be aware that the client is shopping this deal around to other Lenders/Brokers. Basically, we were told Good Luck!

CHALLENGE:

Every transaction is important to us at ALB, and we focus on delivering the goods and with quality service. Once briefed on the assignment we learned of the tight closing timeline, the confidential type of tenant, and our Investors goals. The way we look at it we place our energy on the assignment and forget about the competition our performance displays who we are and why we have a long history of repeat referral business.

 

 

 

SOLUTION:

The investor was very experienced in commercial real estate, and he was wagering that in the upcoming years there would be a drop in interest rates and therefore he preferred to have a shorter fixed rate term and a shorter prepay penalty period.  After understanding his wishlist we structured a 3 year fixed interest rate that afterwards reset for another 7 years, and the loan had no prepayment penalty. Ultimately this was the program that the borrower chose against the competition, but we would like to think that it was ALB's service that won the deal:).   We got the deal closed and we met a great new client who was a joy to work with.