Bison Delivers a Happy Thanksgiving to Local Shopping Center Developer
With lenders decreasing their level of risk in a
tumultuous marketplace, it was to no surprise to David
Repka, founder of Bison Financial Group, that his soon-to-be
new client had a major problem with his existing lender. During due diligence,
a minor title issue arose where two parcels had been pieced together to form
one larger tract for development. While the lender agreed to fund the land
acquisition, they would not fund the construction portion of the project until
the title issue was resolved, which could take months and put the client in a
bad position with his tenants expecting a certain move-in date. The client
started construction of a 10,400 sf shopping center using their own
out-of-pocket funds and wondered if Bison could quickly find a new lender who
understood the title issue would get resolved in due time, but would still fund
the construction costs and keep the project moving forward.
With the site
work complete and the exterior walls being erected at a furious pace, the Bison
Brothers would need to save the day once again. The Founders of Bison, David Repka and his brother, Jared Repka, have built
a reputation for closing complex real estate deals by being able to clearly
define a borrowers needs and match them with the right lender to provide a
positive outcome for all parties. Within days, loan terms were agreed upon, and
3 weeks later another satisfied client had closed on a new acquisition and
construction loan for $2.4mm without having to stop construction on the project.
According to Jared Repka of Bison,
"Needless to say, the original lender was quite
shocked to learn that we were taking them out of this deal after only a few
weeks, but their reason for limiting construction funding forced our client
into having to make a move in order to preserve capital and keep the
construction schedule on track."
...CONTINUED Learn More |
