Two approvals one closing on a Self Storage conversion in Nashville TN

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Home Builder with 180 Degree Floors

Two approvals one closing on a Self Storage conversion in Nashville TN

 

Two approvals one closing on a Self Storage conversion in Nashville TN

 

Been working on a deal for eight months. Had an approval, ordered appraisal and third party reports. Lender pulled out days away from closing. Did not know what I was going to do. Did not know how I should explain this to the client. I stopped, dropped, and prayed for guidance. The client is calling, the Realtor has questions, the seller has extended the contract as long as he can. Client is hooked $80,000 non-refundable what sold I do?

God answered "Look in your email". I contacted a lender that had done a deal with my client a few years ago. My rep liked the deal, we packaged deal for committee.  They had several deals they were looking at that day so we were thinking it would be a long day of waiting. Mid day I got an email from my rep, the committee denied it. 

Sent the deal to a few lenders in my email who liked it. Scheduled two meeting to present the deal in person with my client. Set down with two local banks. We had a solid business plan. The projection seemed to be a little aggressive, however the demand is great for this project. My client has several years experience in retail management, converting commercial properties in to highTwo approvals one closing on a Self Storage conversion in Nashville TN yielding business. The first meeting went well, but we really did not get a good vibe from the lender. So we set down with the second bank.  They really seemed interested in doing the project. Both issued term sheets and we decided to go with the second bank. 

Now we have to meet with the Realtor and the Seller. This was really a tough meeting because we had to tell them we were starting over.  They gave me 10 working day to fix the deal or "the property goes back on the market". Pressure is building but God is on my side. Within the 10 days I was able to secure a letter of intent from one of the bank. Sent information to the seller and Realtor. The seller was able to extend the contract for thirty days. 

Within the 30 day extension I was able to package the deal for SBA to look at it and approve it.
Today we ordered the appraisal and third party reports for the second time.Two approvals one closing on a self storage conversion in Nashville,TN.  The difference, this time it was under the instruction of Jesus Christ.

Posted by

Ronell D. Moore

Small Business Consultant

615-625-5274

 

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