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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: Multi-colored really tough guy institution 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: Multi-colored really tough guy institution (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: Cerebral flickering house 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: Stirring cyan location macaca (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: Vivacious Striped Hyena (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: Multi-colored really tough guy institution this is almost exactly right actually.
Frank where is the fucking financing? |
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Date: June 30th, 2015 4:49 PM Author: dun electric turdskin (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: Stirring cyan location macaca 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: Maroon arousing lodge keepsake machete 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: Submissive Psychic Black Woman 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: beady-eyed indigo step-uncle's house internal respiration 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: provocative hall trust fund 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: Maroon arousing lodge keepsake machete 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: Multi-colored really tough guy institution 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: dun electric turdskin "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: beady-eyed indigo step-uncle's house internal respiration 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: green lascivious range 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: Submissive Psychic Black Woman 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: Multi-colored really tough guy institution 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: green lascivious range 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: Multi-colored really tough guy institution 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: green lascivious range 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: Multi-colored really tough guy institution 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: slate juggernaut giraffe 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: Multi-colored really tough guy institution 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: Contagious Orchid Prole (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: Mind-boggling wine jewess 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: Sick soggy messiness generalized bond 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: Passionate harsh sweet tailpipe stag film 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: Multi-colored really tough guy institution 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) |