See what’s possible when capital gets creative.
How we pulled off a successful closing in small-town Liberty, NY
- Property Type: 42-unit multi-family property
- Location: Liberty, NY
- Loan Amount: $3.2MM
- Loan Type: Bank financing
Securing financing for a 42-unit multifamily property in Liberty, NY — a small market — during its lease-up phase presented unique hurdles. Without established operational history or stability, lenders were hesitant to commit to the deal. Despite multiple attempts with brokers, the borrower couldn’t find a lender willing to provide the amount they needed with the right terms.
Recognizing that this deal required a more personal approach, we arranged a meeting between my client and a specific local lender before formally submitting the deal. We wanted the lender to get to know our client from the outset, which we felt would go a long way in building confidence in the deal.
At the meeting, the lender and our client discussed the property’s history, lease-up progress, and financing needs. The interaction gave the lender the opportunity to see the borrower as an ideal client for their bank — someone they could trust and build a relationship with long-term. It also allowed the lender to fully appreciate the property’s story, potential, and market value. This direct and collaborative approach ensured the deal was presented in the best possible light and avoided the risk of the lender dismissing it prematurely.
The deal closed at $3.2MM, meeting the borrower’s exact goals. By arranging the meeting and ensuring the deal was presented effectively, we secured the financing the property needed to continue its successful lease-up.
Local banks often have a better understanding of their communities and the properties within them.
A personal approach — meeting in person, understanding the deal, and directly connecting borrowers to lenders — can go a long way in securing the right terms.
Client Take
“I’ve worked with Drew Capital on deals for properties spanning NJ to upstate NY, residential, industrial, commercial, every category. I had more than one incident when other brokers with years of experience simply couldn’t deliver what Akiva did. He’ll turn over the world to try to get the correct lender for the specific deal. Very responsive, a pleasure to work with."
Motty Charnas, Client
545 East County Line Rd, Suite 18, Lakewood NJ 08701
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