With an ability to work remotely, the ValueXpress team is underwriting and closing loan transactions with its clients; closing schedule expectations remain on track. Jay Bhakta is with clients in Houston and Corpus Christi, TX finishing up due diligence on six transactions totaling over $35 million in loan proceeds; all are expected to close on schedule within the next 14 days. Jim Brett is coordinating this effort with our investment bankers from his home in central New Jersey. Mike Sneden is finishing three multifamily transactions that are scheduled to close in November and December. Gary Unkel is in the closing phase for two hotel transactions in San Antonio, TX that are expected to close as scheduled on November 14 and completing due diligence with Jim on an industrial transaction expected to close in December. Kevin Monahan and Ken Stevenson continue to send out loan proposals for new transactions to allow clients to take advantage of CMBS conduit loan rates in the 4.5% area that can close by year-end.
“Best of all, this work is being done with no one in our NY home office except Danny Dell,” said Michael D. Sneden, Executive Vice President of ValueXpress. “You don’t see Danny Dell on our web site as an employee? Well that’s because we keep him in a closet; Danny is our server. As long as Danny has power we can work from anywhere and our clients’ loans will close without us missing a beat.”