Who is Closing Deals Through COVID-19?

[Danny Randazzo]

What challenges have you faced or are you facing while closing an acquisition during the pandemic?

We encountered some lender challenges regarding onsite inspections and state wide shelter in place orders. It's been interesting to say the least but everyone is working together to figure out options and or solutions. Agency lenders (Freddie and Fannie) have allowed some virtual site inspections where the onsite manager can video chat the lender's inspector to view the property if it's approved. I've also heard of some lenders allowing properties to close with a post closing inspection, again if it's approved. Typically approvals are given to newer assets with good historical occupancy and minimal deferred maintenance where the lender can make a determination using virtual methods.

Stay safe, stay healthy and keep focused.