LESS THAN 6 WEEKS FOR APPROVAL

Loan/Property overview:

  • Anchored retail center in Houston Texas
  • $14MM Loan originated in 2013
  • Master Servicer = Wells Fargo
  • Special Servicer = Rialto
Transaction:

  • Purchase and Sale Agreement signed March 9, 2014
  • Buyer and seller submitted all documents to 1st Service by March 16th
  • Complete package was submitted to Wells Fargo on March 21st
  • All approvals received by May 1st (less than six weeks)
  • Transaction closed on June 1, 2014