Walked away from a $2,7250,000 pay day. · Veteran Business Community

Walked away from a $2,7250,000 pay day.

I'm in the process of selling two of my Self-storage facilities. The buyer didn't want a cap on how much 1st lien bank debt they could leverage. I capped them to assure there is still equity in the property in case they defaulted because I was offering a 2nd position with $1.1M of Owner-Financing.

They wanted us to take more risk so they could fully leverage the equity in the property if they had to. We were not about to make that concession.

Sometimes it is just best to walk away, even if it is a multi-million dollar payout. Another offer will come.

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Walked away from a $2,7250,000 pay day.