Sometimes, doing business is truly all about relationships. The client, an attorney in southern Texas, had a well-established law practice in the city in which he grew up. He has strong ties to the community and is committed to ensuring that residents have experienced legal representation when they need it.
For two decades, this attorney shared office space with another attorney, but now, the real estate partnership is coming to an end. The attorney needs funding to buy out his departing partner and purchase the multiple properties they currently share.
THE CLIENTS’ CHALLENGE
To purchase the properties – the main office that the attorney and his partner occupied and a second loan to purchase a smaller investment property that was also co-owned by the partners.
In addition to securing multiple loans, the client needed the loans quickly because the departing partner needed the funds to move his family to a different city.
Both the need for two separate loans and the short timeframe eliminated most traditional lenders from consideration. The client needed multiple loans, with some unusual financing, and he needed them fast.
THE APEX COMMERCIAL CAPITAL SOLUTION
Two Loans – $296,000 and $65,000 • Expedited Processing
The client was introduced to Apex Commercial Capital by a broker who had no previous relationship with the lender but was aware of their flexibility and ability to close loans quickly. Apex Commercial Capital didn’t require as much documentation as most lenders and, working closely with the broker, could complete the loan in just five weeks.
The client received two loans – a loan of $296,000 to buy out the main office building and a $65,000 loan to purchase the smaller investment property. Most lenders wouldn’t have even considered this type of loan package, but Apex Commercial Capital was able to pull together both loans, with reduced documentation required, and got the client the necessary funding in just over one month.
With the loan from Apex Commercial Capital, the client was able to buy out the departing partner and take sole ownership of both properties. He now has room to grow his law firm, and he receives all the revenue from the investment property. In addition, because the loan was closed so quickly, the departing partner had the funds to move on schedule, as planned.