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Lender just cited "Greek Crisis" as reason not to fund a $15 million loan

To buy a warehouse. Sale price is $23 million. All of our ...
lake hospital bbw
  06/30/15
...
lake hospital bbw
  06/30/15
haha, "This came out of nowhere!"
fragrant pocket flask locale
  06/30/15
(earl working on Vinci midlaw warehouse deal)
vigorous temple juggernaut
  06/30/15
...
Irradiated pearly old irish cottage
  06/30/15
this is almost exactly right actually. Frank where is the...
lake hospital bbw
  06/30/15
(mad as fuck guy thinking he's more preftigious because the ...
supple dark theater mental disorder
  06/30/15
earl is taller, more prestigious, better looking, more athle...
vigorous temple juggernaut
  06/30/15
earl sets up some kind of weird finance estoppel hypo only t...
Contagious theater stage
  06/30/15
Woah
navy stead
  06/30/15
gas all underwriters NOW
Carmine Senate
  06/30/15
The question of the hour: was this a convenient excuse for ...
brilliant headpube kitchen
  06/30/15
seems like obviously the former
Contagious theater stage
  06/30/15
i would imagine the former. they are making excuses like ...
lake hospital bbw
  06/30/15
"they are making excuses like an asian girl at Barnard ...
supple dark theater mental disorder
  06/30/15
why couldn't the buyer have made the financing a condition o...
Carmine Senate
  06/30/15
just tie up an 8m asset with an easy out at any time! usu...
jade bisexual pistol knife
  06/30/15
just do people do that all the time in residential transacti...
navy stead
  06/30/15
because we don't allow that in commercial transactions. it ...
lake hospital bbw
  06/30/15
in reality wouldn't you suggest your guy get $500k out of es...
jade bisexual pistol knife
  06/30/15
this has been going on forever. 60 day diligence period. ...
lake hospital bbw
  06/30/15
i know i know. how often do you really get take the deposit ...
jade bisexual pistol knife
  06/30/15
honestly it has never happened in 5 years doing commercial s...
lake hospital bbw
  06/30/15
Creating that value!
appetizing place of business
  06/30/15
increasing the deposit by $500K was real value added. That ...
lake hospital bbw
  06/30/15
...
hyperventilating brass double fault business firm
  06/30/15
Are are capital markets fukt?
pearl stimulating locus dopamine
  06/30/15
wtf are they selling in Greece?
Bearded ceo piazza
  06/30/15
so your client is suddenly 1.5 million richer and is bitchin...
mahogany church building hunting ground
  06/30/15
well they wanted $23 million for the property and there are ...
lake hospital bbw
  06/30/15


Poast new message in this thread



Reply Favorite

Date: June 30th, 2015 3:58 PM
Author: lake hospital bbw

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.

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231745)



Reply Favorite

Date: June 30th, 2015 4:04 PM
Author: lake hospital bbw



(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231785)



Reply Favorite

Date: June 30th, 2015 4:24 PM
Author: fragrant pocket flask locale

haha, "This came out of nowhere!"

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231914)



Reply Favorite

Date: June 30th, 2015 4:25 PM
Author: vigorous temple juggernaut

(earl working on Vinci midlaw warehouse deal)

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231927)



Reply Favorite

Date: June 30th, 2015 4:27 PM
Author: Irradiated pearly old irish cottage



(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231945)



Reply Favorite

Date: June 30th, 2015 4:27 PM
Author: lake hospital bbw

this is almost exactly right actually.

Frank where is the fucking financing?

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231946)



Reply Favorite

Date: June 30th, 2015 4:49 PM
Author: supple dark theater mental disorder

(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)



Reply Favorite

Date: June 30th, 2015 4:57 PM
Author: vigorous temple juggernaut

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)



Reply Favorite

Date: June 30th, 2015 4:25 PM
Author: Contagious theater stage

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)



Reply Favorite

Date: June 30th, 2015 4:26 PM
Author: navy stead

Woah

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231939)



Reply Favorite

Date: June 30th, 2015 4:28 PM
Author: Carmine Senate

gas all underwriters NOW

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231951)



Reply Favorite

Date: June 30th, 2015 4:28 PM
Author: brilliant headpube kitchen

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)



Reply Favorite

Date: June 30th, 2015 4:29 PM
Author: Contagious theater stage

seems like obviously the former

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231965)



Reply Favorite

Date: June 30th, 2015 4:32 PM
Author: lake hospital bbw

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.

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231987)



Reply Favorite

Date: June 30th, 2015 4:50 PM
Author: supple dark theater mental disorder

"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.

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232129)



Reply Favorite

Date: June 30th, 2015 4:31 PM
Author: Carmine Senate

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)



Reply Favorite

Date: June 30th, 2015 4:37 PM
Author: jade bisexual pistol knife

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

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232030)



Reply Favorite

Date: June 30th, 2015 4:40 PM
Author: navy stead

just do people do that all the time in residential transactions

*earl updates and circulates issues list*

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232044)



Reply Favorite

Date: June 30th, 2015 4:42 PM
Author: lake hospital bbw

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)



Reply Favorite

Date: June 30th, 2015 4:45 PM
Author: jade bisexual pistol knife

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)



Reply Favorite

Date: June 30th, 2015 4:47 PM
Author: lake hospital bbw

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?

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232108)



Reply Favorite

Date: June 30th, 2015 4:51 PM
Author: jade bisexual pistol knife

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)



Reply Favorite

Date: June 30th, 2015 4:53 PM
Author: lake hospital bbw

honestly it has never happened in 5 years doing commercial sales.

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232144)



Reply Favorite

Date: June 30th, 2015 4:33 PM
Author: appetizing place of business

Creating that value!

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28231996)



Reply Favorite

Date: June 30th, 2015 4:44 PM
Author: lake hospital bbw

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)



Reply Favorite

Date: June 30th, 2015 4:48 PM
Author: hyperventilating brass double fault business firm



(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232115)



Reply Favorite

Date: June 30th, 2015 4:39 PM
Author: pearl stimulating locus dopamine

Are are capital markets fukt?

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232039)



Reply Favorite

Date: June 30th, 2015 4:54 PM
Author: Bearded ceo piazza

wtf are they selling in Greece?

(http://www.autoadmit.com/thread.php?thread_id=2923416&forum_id=2#28232151)



Reply Favorite

Date: June 30th, 2015 5:17 PM
Author: mahogany church building hunting ground

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)



Reply Favorite

Date: June 30th, 2015 5:24 PM
Author: lake hospital bbw

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)