Borrower had the asset cross-collateralized with an apartment building that had been condemned by the city. The Bank, First Bank of Colorado, preferred to sell the note and not deal with the foreclosure process.
The MIG Team procured a direct buyer for the asset and began working directly with the Seller and Bank. MIG’s Buyer offered on the note per the preference of the Bank and borrower, but they decided to choose a higher offer with better terms.
When the other Buyer was unable to perform, MIG reingaged their buyer and stepped in and closed the deal quickly with all cash. MIG diligently followed up with the Seller to keep tabs on the progress, and when the opportunity presented itself, they were there to re engage, immediately go under contract, and close all cash shortly thereafter.