Case Study: The Art of Preparing Proper Proposal
In this case study, we explain how BPF Solutions helped a Medical Clinic buyer fund while he had already lost all his chances.
It was a Friday afternoon that we received a call from a client who was quite anxious. Once he said: “If I don't get the financing, I'm going to lose $400,000 down payment, and there are only two weeks left”. We examined the project, and it was a moment for us to assure him that we would do our best to fund him.
In fact, he had made an offer to buy land for the building and was promised funding by several mortgage brokers in the marketplace, but they had failed to deliver. Based on our experience, they should have done the same process as many others do and it ends up either paying a higher interest rate or failure. They took the not-properly prepared package that came directly from the client and took it and blindly circulated to dozens of lenders without caring that they were giving a piece of raw information.
Initially, it was very challenging for us but there was no choice, he had nowhere to go. He had worked 8 months with the brokers and lenders who had failed to get him funding at any rate. BPF Solutions mission is to help businesses, so we accepted it. As we understand credit, and requirements of various lenders in the market, we directly started communicating with one of the lenders we knew that our client circumstances could meet their criteria.
Hence, we made arrangements and finally closed that deal. Of course, due to lack of time, the client got the land with quite a high-interest rate. Then, we turned around and put together a new package within 2-3 months and brought it to a regular refresh rate.
It is neither the first nor the last time that we help a client in need.
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