Thank you to Keith Shaw from Keller Williams, Julie in our office and the amazing Hampton Properties team for putting their faith in us.
This property had two loans with Bank of America. The second was a charge off, which caused some delay at the end and of course it’s pretty funny when Bank of America doesn’t even know where their own loan is. It took them a while to figure out it was charged off. Basically, when they “charge off” debt, they feel it’s “uncollectible”, but don’t ever let a lender bully you into feeling that if they charge something off, you’re in more trouble. I actually find charge offs easier to deal with, but many times you have to dust off the cobwebs of the loan to get them to negotiate and pay.
I also like having two loans with the same servicer. It’s USUALLY easier, except if you are working with PNC. They make life VERY difficult even
if they service both loans.
This was an investor sale as well. We love assisting investors in deals, and although they can be tricky, this one overall was fairly smooth.
Thanks to Russell, and Chad for putting their faith in us!