If you’re a commercial real estate agent or investor, you’ve probably been in this situation before:
You’re working with a small business owner who is poised to purchase a building; they’ve got everything lined up and they’re in contract, about 50 or 60 days into escrow. The building is a perfect fit for their business. They’re excited about the shiny new equipment they’ve purchased and have scheduled to arrive at their new building in the next couple days. Even the employees have been hired and are due to report for training.
Then it all falls apart:
- While the local lender had given them the thumbs up, the SBA isn’t satisfied with the tax returns the buyer provided.
- A bit of digging reveals that their credit isn’t quite up to snuff.
- The lender’s appetite changes, or they get worried about over-investing into too many projects of this type.
- It turns out that the lender’s pockets aren’t quite as deep as they indicated, and they’re a few million short.
- A city council member getting ready to run for higher office decides to make waves and pushes for a new city ordinance that pulls the rug out from under the business owner.
There are a thousand versions of this story. Every real estate agent and investor has one, and we’ve certainly seen it many times before, especially in the restaurant industry.
So, your client’s purchase is about to fall out of escrow. Now what?
Here’s where hard money loans from Socotra Capital can pull you out of the fire in only a few business days. It’s actually very simple. Give us a call at (855) 889-7626, and give us the rundown on the situation.
We’ll ask you to hand over the loan package that was given to the original lender. If you have an appraisal or a broker’s opinion of value and can get that to us within 3 to 5 days, that’s helpful as well.
Once we have all of the materials—if the numbers look good—we can close the loan in 3 to 5 days, and your buyer can get their business launch back on track. That’s it. It really is that easy. That’s the value of hard money lending.
If your buyer’s escrow is on the rocks, don’t wait and risk wasting months of hard work. Call Socotra Capital right now, and let us save your real estate purchase.
