Select Commercial Funds $5,950,000 Blanket Mortgage Loan on 29 Properties in Troy, Ohio
NEW YORK, August 11, 2017 (Newswire.com) - Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $5,950,000 loan to facilitate the refinancing of 29 small multifamily properties located in Troy, Ohio. The properties contain 120 apartment units located in 4-unit and 5-unit buildings. "The borrower was able to refinance his current higher rate loan and extend his term and amortization," explained Stephen A. Sobin, president and founder of Select Commercial.
The borrower received a ten-year fixed rate loan with a 30-year amortization. The loan had an LTV of 65% and was non-recourse. "The borrower liked the fact that he was able to obtain a rate fixed for ten years and did not have to sign personally," said Mr. Sobin, adding, "This is a long-term investment for the borrower and he liked the long-term loan."
The borrower chose Select Commercial for their loan based on Select Commercial's knowledge of the market, their 30-plus years of experience and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrowing entity.
About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.
About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small- to medium-sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $750,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small- to medium-sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.
Please visit http://selectcommercial.com for more information.
Source: Select Commercial Funding LLC