ASSIGNMENT:

A past client returned to have us assist in refinancing two of his apartment buildings. Who knew that these two transactions would turn out to be two of the most challenging transactions ever!

CHALLENGE:

Borrower had a first trust deed that was demanding pay-off, then we learned of other bridge lenders demanding pay offs, the borrower had previously been involved in the cannabis industry which lead to other issues, we found out about Franchise taxes that were delinquent, property taxes delinquent, SBA EIDL Loans that were collateralized against the property via language written in the note but wasn't found through title, we learned of several other liens that had to be paid off, pending lawsuits, the subject property was deemed to require seismic retrofitting, and until then earthquake insurance required,  It just seemed like every step we took another landmine appeared.

SOLUTION:

There were countless moments in these transactions when we sincerely felt the deal was dead, but we kept on pushing and working on tackling each problem one at a time. We were like prize fighters and with our guards up and kept bobbing & weaving. This was an all-hands-on deck type situation, the borrower who unbelievably met all lenders demands, the lender and their entire team worked through each hurdle with our team, and escrow and title. I heard from so many of the participants in these transactions that it was the most difficult deals they ever worked on.  The importance of staying cool and working together as a team got us to the finish line. The deals were funded and closed Alleluia!