A real estate management company was under the impression that they did not qualify for the PPP loan because of the industry in which they operated. The client owned several buildings and assumed due to their holdings, they were not eligible. However, since they weren't seeking the loan for the aforementioned buildings, but rather for the management company, the client was actually eligible.
A mutual business contact put the real estate management company in touch with Asset En-hancement Solutions, LLC.
Once the hurdle of determining eligibility was solved, gathering and processing the paperwork was highly efficient. Various phone calls, emails and Zoom calls were made to compile the correct documents and figure out the loan amount. The application package was completed meticulously to meet the bank's requirements and no additional questions were asked. A couple of days after reaching out to AES, the client submitted their application to the bank for approval.
Ultimately, AES and the client worked together to reach a resolution. AES provided a sample application to the client, who followed it to a tee. The sample application included documents and templates for guidance. After a couple of Zoom calls, the client was able to submit their PPP loan application.
Within a week, the application was approved and the real estate management company received a PPP loan of $355,883.
Neil Seiden, 516-767-0100
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