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: lake jew
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) |
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