$600,000 Discounted Note Pay-Off

Posted by in Brian's Blog, Recent Closings

Location: North Aurora, IL

Type: Declining property values and a slower lease up time then expected put this borrower in a financial bind.  He owed $1.6 Million and the property only appraised for $1 million.  Unable to make the payments, the bank offered him a deep discount but no one was willing to finance a guy who had not made a payment in almost a year.  But we stepped in with our own private financing and got him $600,000!  The bank accepted it and the transaction closed in less than 30 days.  In total, this borrower saved $1.1 million in principal and more importantly, this loan saved the property.  If you are in a bind, give us a call at 866-355-1244-we just may be able to help!