Throughout its years in business, Cambridge Realty Capital Companies has established numerous relationships with clients that have turned into repeat business. However, it also deals with a lot of first-time clients who come to Cambridge because other conventional lenders won’t work with them, or because their needs are so complex they don’t even waste time pursuing the usual channels.
Cambridge Chairman Jeffrey Davis stops short of calling Cambridge staff “miracle workers.” However, if you ask some of Cambridge’s clients, you might hear them say that Cambridge seems to have its own style of magic.
Take the case of EMI Enterprises of Illinois and the faulty gas tank. With just a week to go until closing on a HUD loan, EMI Enterprises CFO Avrum Weinfeld received some distressing news that threatened to derail the timing of the deal. Among the many of the HUD loan requirements needing fulfilling was an environmental report on the property.
Unfortunately, the report indicated that an outdated gas tank on the property in question posed a potential threat. Weinfeld panicked, but Cambridge took the setback in stride. Says Weinfeld, “Cambridge isn’t about letting obstacles stand in the way.” Instead, they took charge, made some calls, and within the week had the gas tank removed and closed the loan on schedule.
Cambridge also moved mountains for Chicago investor Gerald Nudo when crisis struck. The company operating a skilled nursing facility Nudo had invested in suddenly lost its state operating license and was ultimately forced to close. It left the facility in a lurch and financers like Nudo to watch their money disappear.
What seemed like impending disaster to Nudo was all-in-a-day’s-work to Cambridge. “Jeff and his team at Cambridge dug in, hired some people, and worked hard to get the license reinstated,” Nudo recounted. They helped guide some major renovations and soon saw the facility re-open. Eventually, the property was sold for a significant profit.
It’s “miracles” like these that bring repeat business from existing clients and fuel the talk that draws in new ones. Of course, it’s not really about magic. Rather, it’s the combined experience of Cambridge staff like Davis, Cambridge President Andrew Erkes, and the rest of the team. “[Cambridge] staff are very honorable and very professional. But, best of all, they’re exceptionally quick,” Weinfeld asserted.
David Passero, appraiser and founding principal of HTG Consultants of Newcastle, Delaware, agrees. He and his firm have worked with lenders from across the US and knows from experience that Cambridge stands out. “Cambridge is one of the most experienced HUD lenders in the country and easily one of the best at what they do. Proof for this can be seen in the fact that Cambridge clients never have substantive issues. The company is so knowledgeable and thorough potential problems are dealt with before they can develop.”