This was a purchase transaction for a client that had a 1031 exchange and a 1033 exchange happening at the same time. The investor was referred to us by one of our past clients.
Ever heard the saying that there are too many chefs in the kitchen! Although the investor was referred to us by a past client, he was not 100% committed to us and was being misled by others on what could be done and ultimately this ended up wasting a lot of his time and kind of missing out on what we could have accomplished had he committed from the beginning. We may not always say what someone wants to hear but you can bet it is the truth! When the client came back to us we had to rush because of the time we had lost.
We placed this borrower in a Freddie MAC SBl Program and got him into a nice 7 year fixed program at 3.87%. Feel like we made a good relationship with the borrower and look forward to his success and the next time we work together.