Culturally, our organization is not especially good – or experienced – in looking backward. Our associates are typically hard-charging, bar-raising forward-thinkers.
But from time to time, for the sake of context, it’s gratifying to look backward down the mountain and appreciate where we are based on where we used to be.
Take, for example, refinances.
In 2017 — just five years ago – we completed $35 million in refis and supplemental loans. For the entire year. In all our markets. Compare that to the end of this summer – when we did $143 million in refis. In less than one month. In one market.
“It just goes to show you what you can accomplish when you don’t set limits on your way of thinking,” said partner Brock Wright. “Back then we weren’t capitalizing on all our available options. And we’ve reset the bar on how well and how quickly we can re-engineer properties.”
Want proof?
The Arbors of Anderson team closed a $71-million refi in August after a 10-month re-engineer. After receiving a $605,000 revenue target for May, the team hit $618,000 in May and $657,000 in July.
PHOTO GALLERY: Arbors of Anderson Dinner
Also in August, the Dovetree team completed a nine-month re-engineer to close a $34M refinance. We bought the property for $25 million and a year later it was valued at $42.5 million.
PHOTO GALLERY: Dovetree Dinner
Just around the corner at Austin Springs, the team completed a $38 million refinance. Despite the fact that we moved to target date up, the team surpassed its revenue target and was able to increase refi proceeds from the original target of $3.4 million to $6.8 million.
PHOTO GALLERY: Austin Springs Dinner
Regional head Sal Gracia, who oversees Cincinnati-Dayton, led the refi efforts. Congratulations to all involved, including Isaak Claudio, Jonathon Gehring, Jessie Leonard, Chris Fortier, Julie Long, Victoria Lane, Nina Galbraith, Sammy Howard, Chris Wright, Tiffany Montoya, Katie Powell, Lisa May, Brooke Cunningham, Clay Dillon, Mary Monastra, Jessica Johnson, Josh Martin and Christopher Jemo.