A purchase transaction for clients that had been referred to us by one of our past clients. This was the first apartment building to ever have been purchased by the new clients.
This was a long transaction. The borrower's tied up the property but they still needed to refinance a residential property for funds and there was ongoing negotiations between the borrower and seller. They had Termite and Homes inspections al part of the PSA, which resulted in the lender requiring either a holdback or the work to be completed before close of escrow.
The seller agreed to a credit and the buyer agreed to a holdback. Buyer's finally completed their residential refinance and we had all of the downpayment funds ready and we closed the transaction. We are always excited to see newcomers enter into the commercial real estate market. We look forward to working with the again.