Time was of the essence! Subs were ready to take other jobs, and weather delays were coming. Timing was not on our client’s side. Instead of shutting down the site until a resolution with the bank could be found, a broker called TriTalent Funding Group to see if we could help. Within weeks, a construction loan was in place, and no time was lost. The hotel was completed on time to meet the high summer demand.
TriTalent Funding Group made a $4.2 million loan that saved a deal from collapsing! Our client was attempting to buy a 109-room hotel in Texas from an auction website, with funds provided by a conventional lender. With $1 million in non-refundable earnest money at risk, the loan got stalled out, and the deal was on the verge of collapse. We stepped in and were able to review, approve, and fund the loan in a matter of days, which allowed our client to successfully buy the hotel.
Borrower was very bankable and had several lenders willing and able to fund this transaction. Problem: The deal had to close in two weeks due to a 1031 tax exchange deadline. TriTalent Funding Group quickly offered a commitment and closed within days of first meeting. Not only did the borrower keep his 1031 privilege, he was also able to pay off the TFG loan within 30 days using local bank financing.
TriTalent Funding Group made a $1.6 million loan on a hotel in West Texas that was in need of a major makeover. The hotel is in a great market, yet had been performing worse than all of the comparable hotels nearby. Because of mismanagement and outdated furniture and décor, the hotel needed a new owner to bring it back to profitability. Due to the hotel’s poor financial performance, however, the local bank couldn’t provide financing, and the borrower was running out of time. We got a call from the borrower, quickly performed a site visit, and approved and funded the loan, just in time!
Keeping it simple was the reason for the call! This builder had worked with traditional banks in the past and was looking for a quick and simple solution to construct a multi-family project in the city. He preferred to use conventional financing for the permanent loan and private money for the construction loan. TriTalent Funding Group was able to respond quickly to each draw request and work with the subs for a seamless construction project.
The borrower’s loan had matured, and the note holder made it clear that they would not offer an extension, nor would they delay filing a default due to loan maturity. The borrower needed certainty of funds, and we were called to solve the problem. TriTalent Funding Group closed on time, before any Notice of Default (NOD) was filed. The borrower was able to obtain conventional financing within the year to pay off the TFG loan.
The property was owned free and clear, and our client wanted to pull cash out for another transaction. He had bought the property several years earlier, yet never was able to find a bank that would allow cash out. TriTalent Funding Group was able to quickly offer terms that allowed the borrower to capitalize on purchase opportunities out of state. With existing debt now on the commercial building, several banks were able to propose terms for a refinance.
The property was held in an estate, and resolving issues proved to be more complex than originally thought. TriTalent Funding Group was called to provide cash out of a building, to clear up past-due items before the bank was able to offer terms. After debts were cleared, the borrower went back to the bank for long term financing.
The borrower had a multiple-site transaction closing and could not find a bank to provide funds prior to closing. TriTalent Funding Group was able to step in and provide the capital needed to pave the way for a purchase.
After several years of entitlement planning, the borrower was months away from getting approval from the city. The problem was that the bank would not offer any more extensions on the existing loan. TriTalent Funding Group paid off the other lender, which allowed more time for the planning process. Within eight months, the building plan was approved, and a construction lender paid off TFG with a new construction loan.
The building had already been renovated, yet nearly all of the tenants were on month-to-month leases, making it difficult for the buyer to obtain conventional financing. We stepped in and helped close the loan, and the investor began the process of leasing up the building with long term tenants. Once everything was stabilized, our client was able to refinance the property with a local bank.
The building was vacant, yet was the perfect location for a local company to expand. Local banks couldn’t lend on the property due to the condition of it and vacancy issues. TriTalent Funding Group was called, and we made it happen!
The borrower needed to use this commercial building as collateral for another purchase. Once the purchase was complete, the loan was paid off via conventional financing within a year. Timing is everything!
The permits were in hand, the subs were lined up, and the builder needed a lender. Due to several delays, he had a choice to either work with a bank and close in 60-90 days or begin construction immediately. Rainy season was fast approaching, and there were concerns that the steep slope construction would be a problem if he waited. Instead of risking more delays, the builder called TriTalent Funding Group, and we responded with a creative solution to keep the project moving forward.