Aug 4, 2016
Client Objective: speedy close to save deposit
A long-standing First National client with national presence was looking to purchase six buildings. The vendor closing date was firm and aggressive. With a significant deposit on the line, the client wanted to close quickly to secure the building and then ensure a favourable rate for longer-term financing.
The First National Solution: two stages of financing
The First National team proposed interim financing to meet the aggressive closing deadline, closing on that phase within two weeks. While working on the interim, the team was also putting together the long-term financing solution with the goal of protecting against rate variances. It closed on that portion within 60 days, well ahead of industry standards.
The First National Approach: solution focus and no bureaucracy
By focusing on solutions, team has the ability to build a brand, strengthen the relationship and set new precedents. For this deal, it took hard work and ingenuity to close on the interim financing in two weeks. The lack of bureaucracy at First National was also critical – things got done according to the demands of the deal not some rigid process. And with so many moving parts and a lot of money on the line, the team communicated with the client every step of the way and remained accountable for ensuring that everything that was promised was delivered.
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