Client Support Makes the Difference

GRP Capital provides itself on using our entire team, focusing on the needs of our clients to give them maximum client support.

GRP Capital’s  Senior Associate Ryan Dumas and our entire team were able to close a Minnesota hotel loan. Our multi-pronged help came in many forms, all designed for client support and to reach the goal of closing the loan.

We structured this loan to buy out other partners. In addition, the new loan provided stable, more affordable monthly payments. Finally, the loan closed in time to reap the benefits of the SBA stimulus program.

As we worked with the client, we discovered a few bumps in the road. Firstly, our client had a previous old judgement, due to a business investment where they were a minor partner. The title company discovered this judgment during the initial title work.

In addition, the franchise was charging a substantial fee to change the ownership. Understandably, the client was tentative about paying the franchise fees prior to having a commitment from the lender. But the lender wanted to make sure the franchise transfer was underway.

It was time to get the team to work!

Elements of Client Support:

• Understand the client’s business. Ryan had multiple conversations with the clients to understand their goals and what the impediments could be. As some of these roadblocks arose, he kept the lines of communication open, so the clients, GRP Capital and the lender were all on the same page.

• Negotiation: GRP Capital President Rick Patel had several conference calls with the clients, to guide them in their negotiations with the franchise. He explained how to reduce the transfer fees to a more reasonable amount. Rick’s encouragement and direction worked. Franchise lowered the fees substantially.

• Bring in Experts. We used our network of trusted professionals to give the best advice on outstanding legal issues. This resulted in a fair and quick settlement, clearing the way towards closing.

• Never Stop! When one of our clients had to leave town and the lender could not make arrangements for a mobile notary, GRP Capital stepped in. We interviewed prospects, checked references and chose a reputable notary. Our notary even arrived at night. As a result, we closed the loan the next day.

Ryan Dumas remarked, “I was very pleased to close this loan. The buyers are experienced hoteliers who were ready to own this property outright. Even though the loan took extra effort from everybody on the team, I was proud of our client support. I know we built a long term relationship with these clients. I hope we can be of service to them in the future.”

Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.