2d • Behind the Business
A couple weeks ago we had to pass on a deal.
RV park refi. Borrower had around $200K of their own money in it, a hard money loan sitting at $140K, and they were looking for $465K to take the park from where it was to where it could be. Experienced team. Real plan.
We still couldn't place it.
The problem wasn't the borrower. Wasn't even the asset really. The numbers only worked if you underwrote the future. Lenders don't do that. They look at what's in front of them today, and today this park couldn't support that loan amount.
So we passed.
This happens more than people realize. The deal makes sense. The borrower knows what they're doing. But the asset isn't there yet and no lender is going to bridge that gap on a proforma.
Not a no forever. Just not yet.
If you've got a deal and want a straight answer on whether it's placeable right now, my inbox is open.
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A couple weeks ago we had to pass on a deal.
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