Prime Commercial Lending started out the new year with the successful funding of East Alabama Properties and Auburn Direct, LLC. Prime Commercial Lending successfully refinanced a unique historic student housing project in Auburn, AL for $2,4000,000. The owner tried unsuccessfully for over a year to refinance the property, spending countless hours with multiple banks, both locally and nationally. One of the primary challenges surrounding the deal included the removal of a partner as a guarantor which carried most of the liquidity of the two partners. The lack of liquidity was a concern for the banks who previously reviewed the deal . Through negotiations with sponsors, PCL was able to demonstrate and understand the remaining owner’s improved liquidity post close and secured a competitive offer with nearly $300,000 cash out for the principal. “Prime Commercial Lending was a breath of fresh air to work with and came through for us when so many banks have failed” said Robbie Robison, principle of Auburn Direct, LLC. The transaction went from application to closing in just 66 days!
