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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.
Mapletree listed the purchase price for the portfolio at about $1.6 billion.
The transaction includes eight student housing assets containing 3,611 beds, including properties located in Fort Collins, CO, near Colorado State University; in Miami near Florida International University…
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