4.19.13: This Is What It’s All About

ValueXpress recently closed a $17-million hotel portfolio secured by three hotels located in metropolitan New Orleans, LA. The sponsor was facing a $66,000 penalty if the transaction did not close by April 18. Here is what he had to say:

“Mike and Jim:

I’m sure you know already, but we made the closing deadline, and the wire was sent by the lender just in time so we’ll make the critical SBA payoff deadline in the morning. I appreciate you guys working with us on this deal. It was very impressive to see how you went about working this deal from start to finish. I had a chance to shop around with other firms before we committed to your deal, and your firm certainly stands out from the rest of the pack. Your firm has a methodology in place that’s more detailed, yet efficient when it comes to valuating, pricing and handling the deal from start to finish.”

What warms my heart about this sponsor’s comments is the reference to our process here at ValueXpress. Often, a sponsor who hasn’t worked with us before will say, “Oh, you just take my loan package, send it to a few lenders, I pick one and you collect a fee at closing.” That is so far removed from what actually happens when ValueXpress works with sponsors. We have a process — a good one — that requires a lot of work and dedication from our staff to successfully manage sponsors quickly and efficiently through the loan process. But don’t take my word for it. Take a sponsor’s word.

This entry was posted in Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, SBA, SBA Loan Processing, SBA Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , . Bookmark the permalink.

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