Being a “Maverick”: TASI® Bank Builds Value for Customers12.14.2021
Many banks shy away from loans that don’t fit into a box or that require additional work to be completed. At TASI Bank, finding an uncommon solution is part and parcel of what sets it apart. Here’s an example of how the Bank stepped in and provided a loan to a Borrower who needed a hybrid approach for refinancing.
For several years, the Borrower had owned a historic Bay Area marina property. The Borrower had converted a portion of it to a “dock condominium” and needed a loan to refinance existing debt that would allow him to continue selling boat slips. “While dock condominiums were common in other states like Florida,” said James Addicott, vice president/relationship manager, “there seemed to be no precedent in California. I spoke to property insurers, title insurers, and escrow firms, all of whom told me that they didn’t know of any in the state.”
For Addicott, the news was not surprising, nor did it turn out to be a roadblock. “I looked into the various options, and we were able to provide the financing that allowed the Borrower to refinance the marina and access capital for other projects. The client was satisfied,” said Addicott, adding that the entire process also broadened the Bank’s understanding of a new business segment. “A true win for the customer and a win for the Bank.”
It was non-traditional. It was a deal that another bank that already had some of the Borrower’s business was not interested in pursuing. And it was a loan that TASI Bank, with its maverick mentality, was willing to undertake. “Working like that with a customer,” he said, “is key to building value and creating a long-term relationship.”