For nearly 30 years, I have represented borrowers and lenders in commercial property transactions. During this time period it is now apparent that many Buyers do not need a clear understanding of what is needed to document a professional property loan. Unless the fundamentals are understood, the likelihood of success in closing a professional property transaction is greatly reduced.
Throughout the process of negotiating the sale contract, all parties must keep their eye on which the Buyer’s lender will reasonably require as a condition to financing the purchase. This may possibly not be what the parties want to target on, but when this part of the transaction is ignored, the deal may not close at all.
Sellers and real estate agent in bardia their agents often express the attitude that the Buyer’s financing may be the Buyer’s problem, not theirs. Perhaps, but facilitating Buyer’s financing should certainly be of interest to Sellers. Exactly how many sale transactions will close if the Buyer cannot get financing?
This isn’t to claim that Sellers should intrude upon the relationship involving the Buyer and its lender, or become actively involved with obtaining Buyer’s financing. It will mean, however, that the Seller should know what information regarding the property the Buyer will need to produce to its lender to obtain financing, and that Seller should be prepared to fully cooperate with the Buyer in most reasonable respects to produce that information.
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