The Case of the Rush Request
A manufacturer in the packaging industry wanted to buy the building they had rented for many years. The purchase would require significant mortgage financing and the bank requested audited financial statements. The client had previously had unaudited financial statements. The financial statements were needed within 60 days of the fiscal year end.
Scarrow Yurman & Co planned and performed the audit to meet the client’s banking deadline. The bank approved the financing and the building was purchased.
As part of this transaction to secure long-term financing the client developed a solid relationship with the bank. The client continues to operate from these facilities, which they have since expanded, and the value of the property has increased considerably over the years.