We aim to provide the most flexibility and value to our broker partners, when working with them.
We tailor our acquisition timeline to meet the strategies of our sellers. In the event a seller looks to liquidate we can expedite due diligence and closing. Alternatively, a seller looking to do a 1031 exchange may benefit from our ability to delay closing to provide adequate time during the identification of their up-leg property.
Rising interest rates are killing dozens of transactions due to changing financing terms. Many buyers will go under accepted LOI and then shop for lenders and the best terms they can achieve- prolonging the deal process. As an all cash buyer, Ocean Block does not let changing rates, lenders, and other financing contingencies affect our ability to close at the agreed upon price and date.
Ocean Block Capital's dual threat approach and strategy provides competitive pricing aligned with the market while also taking on inherent risk within certain assets.
As Principal investors, Ocean Block Capital forfeits buy-side broker fees ensuring prosperous relationships with our trusted partners. Individuals who bring us deals will not only represent their client, but also Ocean Block Capital throughout the transaction.
Our offer process is aimed to be expedited, for the benefit of the seller and broker partners. It typically involves 7 steps with most standard properties we acquire.
Properties are generally submitted via the Submit Your Property section, but it is recommended you submit one directly to your dedicated Senior Associate that is managing your relationship, to ensure that your submission gets attended to immediately. We require the lease information and deal context for initial qualification, and our Senior Associates vie to get back with a decision, generally within 48 hours from the submission.
When properties are deemed as qualified, our Senior Associates will schedule a call with you to discuss the major deal points and seller goals, while also spending time with you to understand how we can cater the deal to fit a process followed by you or your firm. You could expect this call to be scheduled at your earliest availability.
Should there be multiple stakeholders involved in the decision-making process, we expect to understand their individual motivations, to be able to meet most, if not all demands of the sellers.
Once we’ve clarified on all the points in our qualification call, and are in a position to deliver on the expectations, we move forward with the investment analysis—steps generally involve a thorough analysis of the market, trade corridor, market conditions, property and building conditions, and others as necessary.
At this stage, we also review the high-level assessment of the property facts with our internal Investment Committee, and identify the property’s fit for our portfolio, and the plausibility of purchase.
On the successful completion of the above steps, our Senior Associates will get back in touch to discuss a verbal offer, with the analysis and pricing that has been determined. You could expect this within 48 hours from the qualification call.
On acceptance of the verbal offer, we deliver a standard Letter of Intent to proceed with the process, that includes the discussed pricing and deal terms.
On acceptance of the Letter of Intent, we roll out a contract for the seller’s review.
To complement the expeditious process of our offers, our deal terms are accelerated to meet the needs of our seller partners, and providing for flexibility when needed.
We buy our properties all cash, and hence, do not incur any financing contingencies for closing on our deals.
We expedite our processes, including the due-diligence, to meet the needs of our seller partners swiftly.
If it fits the sellers’ investment strategy, we allow for the unilateral right to extend the closing period for up to 90 days, to provide for more time to identify up-leg properties in the event of a 1031 Exchange transaction.
We make an initial, refundable deposit of $25,000 minimum. Upon waiving contingency at the conclusion of our due diligence period, we make an additional deposit of $25,000 minimum. This additional deposit, along with the initial deposit becomes non-refundable.