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Sourcing And Seasoning Assets. Seasoning of Ownership!
This particular problem will not be relevant to all business borrowers. However, if it is relevant, you should seek out a lender without sourcing and seasoning requirements or limitations. Most banks have strict guidelines for sourcing and seasoning of assets or ownership to qualify for commercial real estate loans. For a purchase, commercial lenders will frequently want documentation about where the down payment is coming from (sourcing). Commercial lenders will also frequently have very specific requirements stipulating that the funds must have been in a specific account for a specific period of time, often 3-6 months or longer (seasoning). Seasoning of ownership is similar to seasoning of funds, except this requirement involves the minimum time someone has owned a commercial property before they can refinance the property.
The seller acquired the asset in 2006 from Colonnade Properties LLC for $50 million ($106 pSF), according to CoStar data…
The tenant plans to relocate its headquarters from suburban Plymouth, MN in October 2017 to this downtown facility…
Following emergence from its first Chapter 11 filing early this year, the company has continued to face persistent and widespread unfavorable market conditions and its turnaround strategy has failed, according to Mark Weinsten, chief restructuring officer for American…