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Lender just cited "Greek Crisis" as reason not to fund a $15 million loan
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Date: June 30th, 2015 3:58 PM Author: doobsian onyx background story To buy a warehouse. Sale price is $23 million. All of our (Seller's) shit has been in escrow for 2 weeks and 2 weeks ago the buyer's lender balked at closing citing some environmental stuff. Buyer had waived contingencies already and had a $1 million deposit at stake.
They begged us to amend the contract extending the closing date to today - for which we got a full release for all possible environmental stuff, past present and future, and also increased the deposit $500,000. Buyer has $8,000,000 in equity in escrow including $2 million from a subordinate hard money loan where interest is accruing presently at 12%.
Now with literally 35 minutes to fund before the wire cut off, the first lien lender decided that they are having a hard time getting internal approvals citing the Greek Financial Crisis.
I feel bad for the buyer but shame on them for choosing an unprofessional assclown of a lender.
My client is pissed too, but I think we are just going to take the $1.5 million deposit and re-market the property for $300K less. |
Date: June 30th, 2015 4:04 PM Author: doobsian onyx background story (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231785) |
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Date: June 30th, 2015 4:24 PM Author: Sienna Roast Beef haha, "This came out of nowhere!" (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231914) |
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Date: June 30th, 2015 4:25 PM Author: fear-inspiring tattoo (earl working on Vinci midlaw warehouse deal) (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231927) |
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Date: June 30th, 2015 4:27 PM Author: low-t native personal credit line (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231945) |
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Date: June 30th, 2015 4:27 PM Author: doobsian onyx background story this is almost exactly right actually.
Frank where is the fucking financing? |
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Date: June 30th, 2015 4:49 PM Author: Splenetic Thriller Address Associate (mad as fuck guy thinking he's more preftigious because the guys who treat him like a bitch on friday nights make slightly more money each year) (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232119) |
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Date: June 30th, 2015 4:57 PM Author: fear-inspiring tattoo earl is taller, more prestigious, better looking, more athletic, and makes more money than I do. I'm just a guy with a slightly better haircut making a True Detective joke. (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232169) |
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Date: June 30th, 2015 4:25 PM Author: Violet Hideous Becky Death Wish earl sets up some kind of weird finance estoppel hypo only to end with "jfc @ clients" (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231928) |
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Date: June 30th, 2015 4:26 PM Author: Haunting den Woah (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231939) |
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Date: June 30th, 2015 4:28 PM Author: Flushed piazza factory reset button gas all underwriters NOW (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231951) |
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Date: June 30th, 2015 4:28 PM Author: chocolate sinister karate institution The question of the hour: was this a convenient excuse for the lender not to come through, or is the Greek situation actually causing ripples in the markets? (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231956) |
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Date: June 30th, 2015 4:29 PM Author: Violet Hideous Becky Death Wish seems like obviously the former (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231965) |
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Date: June 30th, 2015 4:32 PM Author: doobsian onyx background story i would imagine the former.
they are making excuses like an asian girl at Barnard who doesn't want to take her o-chem midterm on time. |
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Date: June 30th, 2015 4:50 PM Author: Splenetic Thriller Address Associate "they are making excuses like an asian girl at Barnard who doesn't want to take her o-chem midterm on time" 155 bumped to 164 due to the Barnard/ochem combination. |
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Date: June 30th, 2015 4:31 PM Author: Flushed piazza factory reset button why couldn't the buyer have made the financing a condition of the contract? people do that all the time in residential transactions (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231982) |
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Date: June 30th, 2015 4:37 PM Author: Twisted bronze dilemma just tie up an 8m asset with an easy out at any time!
usually those contingencies (if they are conditions) are gone a few months in |
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Date: June 30th, 2015 4:40 PM Author: Haunting den just do people do that all the time in residential transactions *earl updates and circulates issues list* |
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Date: June 30th, 2015 4:42 PM Author: doobsian onyx background story because we don't allow that in commercial transactions. it is actually rare to terminate and take a deposit, but these guys are being fucktards and there is no sign that the lender will be able to perform. (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232064) |
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Date: June 30th, 2015 4:45 PM Author: Twisted bronze dilemma in reality wouldn't you suggest your guy get $500k out of escrow in his pocket, nonrefundable and give the poor bastard 30 days to shore SOMETHING up, its a big loss for those guys (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232093) |
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Date: June 30th, 2015 4:47 PM Author: doobsian onyx background story this has been going on forever. 60 day diligence period.
Why not take the whole fucking thing, and if they come back to the table offer a credit for most of it? |
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Date: June 30th, 2015 4:51 PM Author: Twisted bronze dilemma i know i know. how often do you really get take the deposit though? (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232132) |
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Date: June 30th, 2015 4:53 PM Author: doobsian onyx background story honestly it has never happened in 5 years doing commercial sales. (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232144) |
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Date: June 30th, 2015 4:33 PM Author: federal sanctuary mental disorder Creating that value! (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231996) |
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Date: June 30th, 2015 4:44 PM Author: doobsian onyx background story increasing the deposit by $500K was real value added. That will cover our entire legal fees more than five times over. (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232078) |
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Date: June 30th, 2015 4:48 PM Author: brilliant reading party faggotry (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232115) |
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Date: June 30th, 2015 4:39 PM Author: Maroon pit cuckoldry Are are capital markets fukt? (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232039) |
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Date: June 30th, 2015 4:54 PM Author: slate dragon wtf are they selling in Greece? (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232151) |
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Date: June 30th, 2015 5:17 PM Author: odious cocky school cafeteria so your client is suddenly 1.5 million richer and is bitching about it? (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232295) |
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Date: June 30th, 2015 5:24 PM Author: doobsian onyx background story well they wanted $23 million for the property and there are all sorts of 1031 exchange timing issues that are fucking up. (http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232321) |