$1,725,000 Essex County Refi with $740,000 Cash Out
Brad Domenico of Progress Capital arranged two loans totaling $1,725,000 for a valued borrower to refinance two existing property holdings and cash out proceeds to fuel the expansion of their commercial real estate portfolio.
Brad secured the first loan for his client to refinance a 4 story multi-family building comprised of 16 units in Newark, NJ. The $875,000 loan allows the borrower to cash out $250,000 after satisfying the existing debt. Key loan terms include:
- 875% Interest Rate Fixed for 5 Years
- 30 Year Term
- 30 Year Amortization
- 5-4-2-2-1-0 Prepay
- 75% LTV
An additional $850,000 in financing was arranged for the principal to refinance a four story multi-family/mixed-use property. The building is located in East Orange, NJ and consists of 9 residential units and 3 commercial retail tenants. The remaining funds allowed the borrower to cash out an additional $475,000. Terms of this loan include:
- 875% Interest Rate Fixed for 5 Years
- 30 Year Term
- 30 Year Amortization
- No Prepayment Penalty
- 75% LTV
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress
