I experienced a miracle a few years back. A client of mine was wanting to buy a feedstore. It was run down, infested with raccoons mice, and all sorts of creatures!. The agent allowed me to show the property to my client without supervision OR telling us about the infested buildings.
We identified a local bank that would do the loan. They were carrying the loan currently on the property. There needed to be much work done. Tbey were putting the equity of their other business down on this to have the down payment and other working capital.
We started to get the financing and the bank was not committing to the deal. I had the client go down to the bank and ask what was needed to get a loan commitment, or other documents that would give this client a means to move forward. We were getting very slow service.
The city was going to condemn the property. They were going to go after the bank to put a $35,000 fine on the property. My client went to court to ask some questions and happen to run into the court case. Next the VP of the bank was trying to talk to my client to wait to buy till after this all pass by.
Next, the bank was bucking our approval and saying they could not move forward, but the foreclosure had not started yet!!. I called the agent and ask him what was going on. It seemed he was ‘having a lawyer ‘ghost write’ his deal. He even did an amend that said my client would clean up the property before he moved in!!!
I requested my buyer to go and order an appraisal. We had a shaky deal at best. but he agreed. The next day the deal fell thru because the pay off was $10,000 higher than the payoff amount and the buyer was not going to pay! We had words about the deal and about the selling agents ability to count from 1 to 10 and the negotiation fell thru.
The next day the selling agent called , got a hold of the seller and we put the deal together. Instead of going hard money, my client agreed to pay the additional $10,000 to secure the property. Not finished, the banker came to the closing 2 hrs late and after we signed, the banker asked me for a critical paper. Luckly I had it on my computer, printed it out and we were funded.
The next weeks were brutal for my client. He had to fumigate the raccoons (there was a fungus from their feces that had a bug that would eat your brain!!) cut and clean out all of the rats. They would look at you when you came in!1. Got the electrical running, redid the walls etc. and incredibly got the feedstore running.
It been about 2 yrs now. HE has the feedstore moving about $1 million to $2 million a year. It has been a family adventure. Recently, he bought a $1million home and he is still planning ahead!!
I am very proud of this client and has been my friend for over 7 years and my client for over 10. He is a resilient person, strong man 6ft 5 inches and has a personality that would be fitting of a king. He is a family man and set out to buy this feedstore so that his mother could retire.
This is a story of the little guy ( he is 6ft 4inches 300 lbs) that just wanted what was good for his family. This is my success story, a story a perseverance and fortitude. It is a one in a life time story and I can still call him my friend
The Kenny D Commercial Report for Denver Colorado 