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Tip for smooth closing: partner with professionals

June 7, 2022

Everybody wants a smooth closing, including our GRP Capital team! GRP Capital recently closed a loan for a purchase of an 86 unit franchised hotel on the west coast of Florida. GRP Capital Managing Director Krishan Patel as well as GRP Capital President Rick Patel worked closely with our client. They also worked with his team of highly competent and trusted professionals. As a result, we closed quickly and without too many hiccups.  

Smooth Closing: How we can partner with your professionals: 

• Accurate and Appropriate Financials : While many small business owners prepare their own financials, lenders prefer professionally prepared financials. For this loan, we worked carefully with our client’s CPA. Together we analyzed the financials of the hotel being purchased. We also pre-underwrote the financials of various businesses owned by our client. We wanted to show the lender the true potential revenue value of the hotel. In addition, we demonstrated the ability of our borrower to make payments on a new loan.

•  Saving Our Clients Time: The lender requested many documents. Being able to work directly with the CPA allowed our client to run his businesses. Furthermore, he trusted us and his CPA to work on his behalf. As a result, he didn’t have to be involved in every email or conversation.

•  Excellent Attorneys Make for Excellent Closings:  We notice that having a trusted attorney at closing makes a difference. They look out for our clients’ interest and are able to amend documents quickly. If necessary, they can run title and even escrow funds. We recommend that all of our clients engage an attorney. Clients are often spending a lot of money when seeking financing. Paying for an attorney is an investment towards a smooth closing and protects client’s interests.

Rick Patel upon closing this loan stated, We know this client well and have worked with his professional team, too. They are very responsive to our phone calls and e-mails not just from me, but from Keren Alpert, our loan processor, too. As a result, our client trusts that we are doing the work in the background, so he can run his business.

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 or refinancing a current loan, we can assist you.

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