Earlier this year, in the midst of growing the biz, we were reminded of the power and speed of trust—especially when invited to ink a deal in a speedy way.
Like…four days speedy.
We were introduced to a mid-sized community bank not long ago by a mutual colleague. The bank’s management team is a group of sharp, trustworthy professionals. A couple of months ago, they asked if we were interested in buying two real estate notes secured by single-family residences in Phoenix, Arizona. We expressed interest and then asked about the timeline. The end of the quarter was four days away and they needed to book the sale for reporting purposes.
Here’s how we did it:
Day 1 – We reviewed the entire file and made a bid; we communicated via email (but mostly through an encrypted data vault) and through phone calls.
Day 2 – The bid was accepted, legal docs lit up inboxes (and all the necessary back and forth), and due diligence was rush-ordered from vendors (valuation, title, and the expedited review of all documentation).
Day 3 – Final diligence was completed and legal docs were executed within 48 hours.
Day 4 – We closed and funded the deal.
In the end, the bank accepted a reasonable discount and booked the sale by the end of the quarter, and we earned a return that aligned with our investment criteria. Win for them; win for us.
All parties communicated with a sense of urgency and with complete transparency, based on a shared understanding: we trust you.
Transparent communication! Trustworthy partners! Oh…and hustle!
There are more stories like this one in The Speed of Trust, by Stephen M.R. Covey. Check it out.