ASSIGNMENT:

We were referred to this investor by his realtor, but it was for different apartment building he was purchasing. He was in a 1031 exchange and had a complicated vesting structure that created challenges for lenders. On this particular transaction he was already committed to another lender but then at the last minute they denied his transaction after they wasted his time and money. We were already working on his other purchase, so we took over and worked on both deals simultaneously.

CHALLENGE:

The biggest challenge was in assisting the borrower in structuring his operating agreements to his entity to where they satisfied the lender and did not disqualify his 1031 exchange requirements.

SOLUTION:

We worked with the Lender and together we were able to provide guidance to the borrower to take back to his CPA and attorney for their feedback and approval. We also found an area in the transaction that the first lender had missed, and we were able to help the borrower in obtaining a credit from the seller to be applied toward needed repairs. This was a blessing to help him in recouping funds that he had spent with the first lender that dropped the ball. We had a slight extension in the escrow time frame, and we successfully closed both loans concurrently. Great guy and we were happy to have worked with him.