When capital markets decline, Capital Providers begin to focus on the need for due diligence in funding commercial real estate finance deals. Due diligence lists grow significantly in size while the number of third-party reports required grows exponentially, increasing legal costs. Sponsors/Borrowers who are proactive in providing underwriting information, regardless of how extensive the information, are more likely to have success in funding. Therefore, choosing the right real estate finance intermediary may be crucial to the deal.
The Closing Department at Metropolitan Capital Advisors knows that an approved loan application or term sheet does not mean a finalized deal, as many CRE Sponsors believe. MCA’s in-house closing department, established when the firm began twenty years ago, understands that securing financing consists of both marketing and placement of the transaction, as well as processing and closing the deal. Their highly trained closing staff works diligently to take a transaction from the idea level to the funded level, working closely with both Capital Providers and Sponsor/Borrowers throughout the process.
The Anatomy of a Closer
Sponsors/Borrowers have an idea or a dream that they want to see come to fruition, and some may not have the ability to focus on the sometimes tedious requirements that Capital Providers need in order to underwrite the deal. On the other hand, Capital Providers must perform due diligence in obtaining the necessary underwriting information, requiring them to push the idea aside in order to get the documentation required. A Closer bridges the gap between the two. A Closer should not be a title agent, attorney or CFO working for either the Capital Provider or the Sponsor/Borrower, but rather an outside party, who will provide honest, unbiased advice to both parties.
In-House Closing Department
Metropolitan Capital Advisors originally developed their own closing department to increase the probability of transaction approval. In addition, they believed that an in-house closing department would help fund deals quicker, benefitting clients. Christina Sharrock, Director of Metropolitan Capital Advisor’s Closing Department, has vast experience in underwriting, documentation and closing processes, having worked in the commercial finance industry since 1993. Clients continue to praise Ms. Sharrock and her experienced staff for saving them time and money throughout the commercial real estate finance process.
If you need assistance in not only finding Capital Providers but closing the deal, visit the Metropolitan Capital Advisors website or give us a call. We pride ourselves in closing the deal.