Case study
Securitization with Tower Title
The Need
Our client needed to qualify a certain amount of their tower assets to satisfy the lending requirements of the asset-backed security (ABS). The lender had instilled a firm deadline that the client was in danger of missing. A number of the remaining sites that were available for the securitization included features that are traditionally difficult to insure. Knowing Tower’s reputation for problem-solving and devotion to clients, the client reached out to Tower to request the expertise of our securitization team.
The Solution
Tower’s dedicated securitization team worked with the client to strategize the most optimal way to solve the issue. The team quickly reviewed the available information for each site to determine which of the remaining assets had the greatest viability to assist the client in satisfying their goal. Although a number of the sites proved to be conventionally challenging, our team’s outside-of-the-box approach allowed us to identify a number of sites that could be insurable with some curative work.
Within a 30-day timeframe, we performed searches on properties vested in municipalities and government agencies, provided solutions to the challenges presented by the sites, and were able to help the client secure the additional assets necessary to satisfy the lender.
The Impact
The client was able to obtain their funding without any delays or penalties, and Tower was able to secure the client’s securitization business.
The Conclusion
By creating an isolated and dedicated securitization team, Tower can better serve clients, especially when there are aggressive and difficult deadlines.
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