The borrower was selling a light industrial property in Kansas and intended to use the proceeds to purchase a different light industrial building in Missouri.
However, the borrower was running into delays with the sale of the first property. The seller of the second property was insistent that the sale close before the end of the year. The borrower was in a squeeze when the first property didn’t sell. He stood to lose out on the purchase contract for a great property at a great price.
When the borrower came to us, he had only three weeks left before the end of the year to make this all happen. Our solution: take the property he was trying to sell off the market. Then, refinance it and pull cash out. The borrower was able to use that cash to purchase the new property. We scheduled both closings for the same day, wiring cash from the closing of the refinance to the purchase of the new property. We closed between Christmas and New Year’s, three weeks from bell to bell.
A lender’s expertise and experience matter when it comes to financing commercial real estate projects. Borrowers need experts who are willing to listen to what the borrower needs to accomplish and adjust the strategy to meet the borrower’s needs.
Boulder Equity Partners has built a reputation for service that surpasses other lenders. We oversee your commercial real estate loan through every step in the process from prequalification through funding.