Acquisition Loan – $15,500,000 – Miami FL Bison Closes $15.5 million Loan in 17 Days
ST. PETERSBURG, Florida- When the phone rang and the conversational pleasantries ended, David Repka, Founder of Bison Financial Group, a real estate advisory firm based here, knew his potential customer was in a pickle. They invested $2 million as a hard, non-refundable deposit against a $25.5 million purchase price and now they had a sixth sense that their lender (one of the largest in the United States) was getting cold feet and would not execute on their promises. The client wondered if Bison could find a solution and get it closed within a matter of days, not weeks or months. The clock was ticking and the Bison Brothers would need to saddle up the ‘White Horse’ and save the day once again.
The Founders of Bison, David Repka and his brother, Jared Repka, have built a reputation for closing complex real estate deals in as little as 8 days from the first time they met a borrower. They were up for the challenge and 17 days later the borrower closed on their acquisition of a South Florida office complex with 3 buildings totaling 185,852 sf and an additional 3 buildable acres for future construction.
According to Jared Repka of Bison, “The property was over 96% occupied when we closed the loan with a strong, positive cash flow. The borrowers were experienced investors that found a diamond in the rough.
We brought in a commercial real estate savvy lender that immediately saw the value and the upside potential of this asset. Because we have closed over 30 transactions with this lender since 1997 we know their policies and procedures inside and out and are able to get loans closed fast.”
Bison is an advisor to a network of local, regional, national and international real estate entrepreneurs that buy and develop properties in Florida and select markets nationwide. Bison funds development/ value-added properties and stabilized income producing properties.