A Fast Exit for Co-Owners in a Time-Crunch

Jeff and Kathy solved their loan problem with a quick exit.

Meet Jeff and Kathy

Jeff and Kathy, co-owners and co-managers of a multi-tenant retail center, were dealing with a wave of defaulting tenants and vacancies following the loss of their anchor tenant. They were unable to maintain an income level required by their lender so they were in default on their loan, and at risk of losing their property to the bank. 

Time for Action

They considered waiting out the market to see if things would improve and they could sign leases quickly to meet the bank’s requirement before the bank took action. The problem was, they had several leases nearing expiration, so their effort and expenses might result in the same income and continued monetary loan default. 

They decided that their best option was a sale, and they needed it to close quickly. 

Jeff and Kathy got Flexible:

Jeff and Kathy heard about Flexible from their property manager, and in 24 hours they understood all of their options and secured a Flexible Easy Sale that achieved their goals:

  • Solve loan puzzles. The quick sale allowed them to pay off the loan prior to additional penalties or foreclosure. 

  • Fast and simple transaction. 35 days after contacting us, their property was sold. 

  • Smart tax moves. We provided a fast non-refundable deposit so Jeff and Kathy could confidently secure a replacement property as part of a tax deferred 1031 exchange. 

The extra twist: They had some concerns about deferred maintenance coming back to bite them after the property sold, so we added contract language releasing them of all post-closing liability. 

The Outcome

Jeff and Kathy were able to dodge foreclosure and avoid fire-sale pricing while making smart choices to avoid taxes. 

“Great ideas and very fair pricing.” - Kathy P. 

Behind the Scenes

  • Jeff and Kathy thought they would have to sell at a substantial discount to market value because of the short-term vacancies. At one point, they thought their equity had gone to zero.

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