Holy Moly… what a game that was on Sunday!
I didn’t plan to talk about football two weeks in a row… but how can I not touch on that historic Detroit Lions playoff win!
Full disclosure… big football fan, but not a big Detroit Lions fan.
Except for this past Sunday. I was very much rooting for the hometown team, and even more so rooting for the fans and the City of Detroit… they deserved this win. It was a long time coming.
For those not familiar, it had been 30 years since the Lions last hosted an NFL playoff game.
30 FRICK’N YEARS!!!
I wasn’t at the game, or even in Detroit for that matter… but you could feel the buzz all around Windsor.
Because it was a night game… there was this nervous excitement all day… it felt like a Super Bowl Sunday.
Both the Lions and the game itself did not disappoint! What a fun game to watch.
And because the Cowboys lost to the Packers, the Lions went from hosting their first playoff game in 30 years last week, to hosting a second playoff game at Ford Field, this upcoming Sunday… AMAZING!
More on the Lions game at the end of this email…stay tuned. ?
But keeping with the theme of sports… we recently helped finance an 18-hole golf course located in Windsor-Essex.
This was a refinance, which allowed our borrower to extract $4 Million in equity, from the property.
This was part of a more involved financing package. We also helped the borrower pull out an additional $1.6 Million in equity they had in an industrial property.
Here’s the backstory… our client was presented with an opportunity to purchase an existing well established operating business, but it was a competitive situation therefore they had to act quick, and close quickly.
Although our client already has a good, long-standing relationship with their bank for their existing businesses… the bank just couldn’t pull this off for them. Not in the timeframe the borrower needed it done.
Understanding our client’s full financial picture… we were able to advise them that the most efficient way to accomplish what they were looking to do was to refinance the two commercial properties mentioned above and use the equity-take-out money to close on the business purchase.
We were able to obtain an approval for them, for short-term bridge financing, within 48 hours… and funded both deals within two weeks.
And this just happened within the last few months… during a time when credit had tightened up, and interest rates at their peak.
We are now working with them to put together a more comprehensive financing package, which we will take to market for them, and which will ultimately allow them to pay off the bridge loan, with cheaper, long-term conventional financing.
The key takeaway items from this deal:
- Financing is not rocket science, but there are many ways to “skin a cat.” We could have approached this deal a few different ways, but based on the borrower’s priorities, we were able to craft and execute a strategy that best accomplished the end goal.
- There is so much value in working closely with your client and understanding their financial situation. Conversely, there is just as much value for the client to work with an experienced Broker who understands their situation and has multiple lending solutions at their disposal.
- Where there’s a will, there’s a way. Our client is a true entrepreneur and a hustler, and going off of the trust in the relationship they have with us, they made the decision to pull the trigger on his offer, despite not having the funds to do so at the time. NOTE/DISCLAIMER: We did not recommend this approach… but he ignored us and trusted we would get the job done. Thank goodness he was right! Lol
Okay, now back to the Detroit Lions…
Are you interested in going to the game on Sunday?
Well, here’s your chance… we are holding a draw for two free tickets (worth over $2,500) to Sunday’s game.
Here’s what you need to do…
Follow us on Instagram and Facebook, and follow and share our Lions tickets post, while tagging three friends. This will enter you in the draw for FREE tickets. The draw will take place on Saturday, January 20.
Best of Luck!
And… GOOOO LIONS!!!
Vince
