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