Quick Loan Closings Save Farmer/Commercial Real Estate Owner
A conversation with Bill Perry, Owner, William K Perry Farms
William K Perry Farms
Mr. Perry operates one of the larger farms in Maricopa County, focused primarily on the production of cotton and alfalfa. He and his family also own and manage a $45 million portfolio of office and retail commercial real estate.
Bill Perry, Owner
What are the biggest challenges you face as a business?
When I realized that my son had different ambitions and did not want to stay in farming, I had to decide what was next for me as a third-generation farmer. At the time, the real estate market around my farm in west Phoenix was growing fast. In the process of selling my farm land and moving further west, I decided to take some proceeds and purchase commercial real estate. I utilized the 1031 exchange program, which allowed me to sell property, reinvest the proceeds and defer capital gains taxes.
In 2017, I was working with my previous bank to sell one piece of larger property and buy three smaller properties to diversify my portfolio. After months of thinking everything was on track, I found out they were unable to close the three acquisition loans in time. With less than two weeks until closings, I knew I was in a bind.
How did Enterprise help solve these challenges?
I still can’t believe it, but somehow they took a process that normally takes 45-60 days to close and got it done in 10 days. Closing three loans at once made everything even more complex. They huddled right after I called them, and by the next day the underwriting, approval and documentation teams committed to getting the transactions closed. We closed all three loans on time.
What is the impact on your business?
Enterprise stepped up with a competitive rate and the expedited timeline to meet my needs. I was able to continue seamlessly operating my properties. There were no hassles or disruptions to the business. It created such trust in the company that I now have my business credit cards through them, utilize them for private banking, and I rely on them for things like my automobile loans and home mortgage.