Deal of the Week
Little House on the Prairie
This week’s “Deal of the Week” brought back nostalgic memories for our Asset Management team – a house reminiscent of the beloved show from our childhood, Little House on the Prairie. Despite the sentimental connection, we made a strategic decision to pass on this particular property.
🌾 Within a tape of 378 assets under consideration for purchase, our initial due diligence process provided a closer look at the property. To our observation, it stood alone for miles, an isolated dwelling in an exceptionally rural area.
🤝 At 7e, we always prioritize working collaboratively with borrowers, yet we must pragmatically underwrite to the worst-case scenario: reclaiming the property through foreclosure.
💼 While all aspects of due diligence, including borrower history and reasons for default passed our usual checks, we ultimately chose to forego this opportunity. The decision hinged on the property’s location in an extremely rural area – so remote that even Uber and Lyft services are nonexistent. The primary concern driving our decision was the anticipated prolonged Days on Market (DOM) in the event of a foreclosure takeover. In some cases, the potential risks outweigh the rewards, and this proved to be one of those instances.
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📆 Date: 12/13/23
🕖 Time: 9:00am PST, 12:00pm EST
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