Situational Funding That Suits You

Harper Financial TransactionsHarper Financial takes a highly personalized approach to serving the complex financial situations of individuals, families, business owners and private partnerships.

We consider your goals and aspirations while carefully assessing your needs to devise a sustainable and strategic course of action that can lay the foundation for your next level of success.

We have an in-depth understanding of bankruptcy law as well as lending guidelines and know how to obtain financing for these — and all — unique situations.

Best part? Our team has the ability to construct a solution that meets the borrowers’ short-term and long-term goals, react quickly and complete the transaction on schedule.

Case Study

The debtor has an open Chapter 11 and the case was on the verge of being converted to a Chapter 7.

The debtor had multiple properties in three different towns. The properties are a combination of office, commercial, light industry as well as multi families. His personal residence was in foreclosure and was approximately $50,000 in arrearage between overdue real estate taxes and mortgage interest.

The debtor had cured some of his problems that led to the overall arrearage but not the arrearage itself. He also had multiple liens and claims. Although the debtor could now afford his regular mortgage payment, he could barely afford the higher cost of private money and if there were unexpected repairs or expenses and if any additional vacancies occurred, he would not be able to meet his new obligations.

The debtor’s loan was structured so that his primary residence would be brought current, the monthly payments, including the real estate taxes for all the properties, were covered by the rent. The excess interest payment was rolled over to the end of the loan and he refinanced out of the loan. The loan was also structured that it could be renewed as well.

The lender also analyzed his portfolio, making several sound recommendations that would also strengthen the debtor’s cash flow and help secure his ultimate success.

Result: The lender and the debtor worked together to plan an exit strategy that would suit both their needs and leave the debtor in sound financial shape.

Case Study

We were contacted by a distressed borrower from the Boston area who had an auction looming. The property was a mixed-use building and there were numerous challenges with the property besides the auction.

The building was vacant and could not be rented without an occupancy permit — and there were issues surrounding the completion of the sprinkler and alarm systems. There would be no rental income until then, so a reserve account was needed.

The apartments were in the midst of being rehabbed and that work had to be completed but the owner had to borrow those funds as well.

Within days, the property inspection was completed, the scope of work analyzed, and a satisfactory exit strategy was negotiated.

Result: The loan was completed and funded in six business days and just prior to the scheduled auction date.