ASSIGNMENT:

We were asked to assist a past client who had decided to transition into NNN type assets moving away from previously held Multifamily assets. This was one of 5 properties we were financing for them.

CHALLENGE:

The client was in a 1031 exchange so timing was important. The biggest hurdle on this transaction was that the borrower's & Lender both failed to obtain legal counsel at the start of the transaction as required in the state of South Carolina. This was almost a deal breaker because it was difficult to find counsel who would jump in late in the transaction, but ultimately they located counsel.

SOLUTION:

We had all 5 of the borrowers loans with the same lender and this actually cut down the underwriting time frame, as a matter of fact the last 3 deals all loan commitments and docs were drafted at the same time.