The challenge was to find financing for a KeyBank retail property, a NNN tenant lease located in Indianapolis. The client had a 15-day window to find refinancing for the property in order to take advantage of an expiring discounted payoff with their lender.
The RESOURCE Capital Markets team solicited funding sources capable of providing the loan within a short window of time, since the expiration of the discount was impending. Considering the time constraints, the team also pursued sources willing to fund the loan under favorable terms to the client.
The Capital Markets team approached several bridge financing lenders to gain interest in funding the loan. One was too expensive and the other did not seem capable of closing by the deadline. Aggressive interest came from Liberty SBF, whose terms were more attractive. The team believed Liberty could get the loan closed within the remaining 10-day window. Closing occurred in 9 days, allowing the client to take advantage of the discounted payoff, which ultimately saved them $500,000.
Note: We have several professionals with substantial client transactional experience prior to joining RESOURCE Commercial, which is included above.