This was for the purchase of a franchise hotel.  The challenge on this deal was that the property was determined to be in a flood plain.  If a property is determined to be in a flood plain then the bank must require that the buyer obtain flood insurance on the property.  The problem on flood insurance is that the bank does not know what amount of flood insurance that the buyer will need to obtain until after the appraisal comes in from the appraiser.  The bank then requires that the buyer provide the bank with the original declaration page as the only form of proof of flood insurance. This only can create issues if the property is in a tight closing deadline.  The problem is that it can commonly take an insurance agent up to two weeks to obtain this declaration page.  We were able to put the buyers in contact with highly recommended insurance agents that were more than capable of obtaining the flood insurance declaration page very fast for our client.  We were able to close the deal prior to contract expiration because of our extensive experience and our ability to identify potential problems and neutralize them before they cause any closing delays.

Client Comments:

“Shawn thank you for all of your hard work and professionalism throughout the process.  You were very knowledgeable and myself and my team were all very impressed with your responsiveness and ability to navigate us from approval to closing with very limited problems.  I look forward to working with you again in the future.  I will definitely be referring my friends and family to you if any of them are in need of hotel financing.”

Sam Patel, Franchise Hotel Owner