I must respond to the slanderous and defamatory accusations made by some individuals recently. After 30 years in commercial real estate transactions, and successful loan closings, negative reports have been posted. All the transactions had their individual problems in financing. The power center client had assured us that circuit city, though in bankruptcy, was not closing their location in the clients power center.
As you all know, circuit city closed every single location.
The transaction in california had numerous other parties, who owned and controlled the mineral rights. We do not, nor do other bridge loan or conventional lenders lend on real estate unless both the above grade and below grade real estate is owned by the borrower.
It is a shame that the broker who brought these two transactions does not tell, how we turned down his deal that before we accepted any due diligence fees, we were informed that there were severe environmental violations at the site.
Does anyone belief that we can fly to california and back and only spend 15 minutes on the transaction.
The equipment financing transaction, catergorically states that we returned the commitment fee. We did not close that deal, because the loan was to be given as advances to new employees, and current events can tell the rest.
0 comments