Progress Capital arranged this non-recourse permanent loan secured by a 20 unit apartment building. The loan is for a term of 15 years based on a 30 year amortization with a very attractive prepayment penalty of 3%-2%-1% with no prepayment requirements after the third year. This low prepayment penalty was important to the client to follow through on their business plan to turn-over and renovate apartments to increase value and a possible sale as an exit strategy after the 3 year period.
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