The Dearborn, MI portfolio consists of five office buildings, all in close proximity— totaling nearly 300,000 sq. ft.
Throughout 2019, TBGF’s client was in negotiations to purchase this portfolio.
The seller needed to divest of the asset by year’s end, offering a steep discount if the purchaser can close by December 31st. Borrower executed our term sheet on December 24th, leaving us four business days to close this deal.
TBG Funding expeditiously underwrote the loan and closed in four business days, on the last day of the calendar year, providing $7.6 million in financing.
How We Did It:
We worked closely with our borrower, whose team gave their all. They were very responsive, providing requested information as fast as possible, enabling our team to conduct all the due diligence swiftly.
We worked right through the holidays and weekend. Many of our team-members even worked while away on vacation.
The loan closed on schedule on December, 31, 2019.
Let us know if we can help you overcome your financing challenges.
Visit tbgfunding.com, or call 718-705-9300
Smart Money. Not Hard Money.