$4,480,000 Acquisition Loan Closed in Under 60 Days
A National Real Estate Investment Firm, based out of Lakewood, New Jersey, was in the process of acquiring a 115+ unit multi-family portfolio in Irving, Texas for $5.6 Million. They contacted Progress Capital to help them secure the acquisition financing.
The portfolio was broken up into three separate locations, all within relative distance from one another. It was explained to the clients that breaking up the properties into three separate acquisition loans would help them secure more favorable financing terms in the market place. In addition, it gave them the flexibility to improve each property’s cash flow, in turn adding more value and when the time was right, they would have the ability refinance each individual asset, instead of all three at once.
Progress Capital was able to pair the borrower with a national lending partner and source the following favorable set of terms, all while closing the loan in Under 60 Days:
- Combined Loan Amount $4,480,000
- 80% LTV
- 76% Fixed for 10 Years
- 30 Year Amortization
- 2 Year Interest Only
- Non-Recourse
It’s important to have a trusted advisor to help borrowers explore financing options to maximize returns. Local lenders in smaller sub-markets expect rates that are traditionally higher than metropolitan regions. Progress Capital Advisors sources loans from local, regional and national institutions who are able to lend in suburban sub-markets at competitive terms.
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
