Two investors assess an aviation property deal with major data gaps: unclear title, unknown price, missing permits, and no certificate of occupancy. They list 16 missing data points before considering an offer. Their next move is a Letter of Interest to the broker asking why the property has sat on the market for 600 days.
Essentially just sent everything and I just said, go complete this list and find more information. So it just talked about that this is a real aviation asset. Doesn't have clear enough data to clarify it as a complete go. So a lot of things are dependent on the broker title. And then also for on the lender, a lot of this stuff is open or has partial information. So a lot of it, I just have to do a deeper dive on, as such as the asking price, the construction status, that's still open. Permits, it has a partial of them, the dues, the association and different fees that they have, the agreement with the Fuel Farm. A lot of these things are open, so I have to go back through and find that. It has what you can actually fit for aircraft size, the rent comps, and then different environmental phase and then triggers. So different findings that we get are that the entitlements are real. So if everything's approved for it, the data that it has and that's showing the zoning that it is, its actual lot area, the height limits, Even though it talks about how the parcels may have changed with time. So, and then sales signal nearby or actually within the project. And then just talks about what I need for it to become a closer go, but it's not a go just yet because we still need the price, the CO, the association dues, fuel rights, title, taxes, insurance, environmental exposure. And then just gives me a recommendation of what I should actually send to the broker.
Let's do a letter of interest to them, not a letter of intent. Ready? I would like to create a letter of interest. To be able to send over to the listed broker. We want to know the status of the build remodel and what, what's going on with the construction and why it's been on the market for 600 days. Because again, if it's been on the market that long because they've been under construction that long, that's too long to be under construction. So they might have construction loans that need assumption.
