ASSIGNMENT:

We were introduced to the client, and she was in the beginning of her negotiations for the purchase of this vacant mixed multiuse commercial building. She was interviewing with multiple lenders, and we were happy to have her choose our firm to assist in financing the property. Winning always feels good :)

CHALLENGE:

The biggest challenge was the borrower wanted the loan to close in 30 days! These criteria alone ruled out a majority of the lenders who simply could not perform at that speed. The next hurdle was overcoming the incorrect feedback she was getting from other lenders, friends, family etc. Then we had to deal with the vacant building that was in need of work.

SOLUTION:

The client was financially strong and due to her Global DSCR we were able to overcome lender DCR constraints and with her willingness to establish a banking relationship we were able place her loan with a smaller credit union that had no prepayment Penalty and offered favorable interest rate. To top it off we were able to obtain 30 Yrs of amortization which kept the monthly payment lower.  We were very happy to work on this transaction and the client turned out to be very diligent and such a joy to work with. This was a fantastic purchase and always nice to see someone winning in the real estate market. We delivered and closed in 30 days!