When this project got going, it had all the earmarks of a potential disaster. First, you have a conservative bank, negotiating with a city bureaucracy, mix in a non-standard loan requirement and a set of riskier rehab loans, and then top it all off with the worst mortgage crisis that this country has seen since the depression.
What do you call it? Fiasco Flambe'?
As a matter of fact, no. Every step of the way, our banker, Mark Koenig and our contacts at the City, Roger, Rhonda, Archie, Tom, and Ashley have managed to be responsive and flexible. I would have bet you dollars to dough nuts that given what problems arose, we'd have failed to put this deal together.
I would have lost that bet.
We are now owners of a rehab project.
It was simply amazing, to my mind. If you have a rehab project that you want to get funded in Covington, call Mark Koenig at Advantage Bank at: 859-363-2820.
I don't think you'll find a nicer, more ethical, more thorough guy. No smoke up your skirt from that guy, and nothing but the straight dope. Advantage Bank, too, is very committed to redevelopment in Covington. They've priced their loans and fees very competitively. They also hold much of their own paper, which at this point is a major advantage given the banking and lending mess.