This is a non-recourse permanent loan on a 72 unit multi-family property. The loan closed at a rate of 3.62% with a term of 10 years based on a 25 year amortization. This loan presented a financing challenge when the seller required the purchasers to sign a Non-Contingent Contract. Progress was tasked with obtaining a bank commitment prior to a contract even being drafted or executed, so that purchasers were in a position to execute the Non-Contingent Contract.
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