Brooklyn, NY – In a rising rate environment working with a commercial mortgage broker has become almost essential to secure the best market rates. On behalf of his client, Abe Mann secured a low 4.40% interest-rate fixed for 10-years to refinance the multifamily property at 335 18th Street in Brooklyn. The subject property is a 3-story walk-up with 6 residential units.
Negotiating a $1,600,000 permanent mortgage allowed the client to retire the existing debt on the property and recapture a significant amount of invested equity to fuel continued real estate acquisitions adding to an already robust portfolio.
The loan is accompanied by a 10-year term and 30-year amortization. In addition, the borrower may repay the loan at any time without penalty.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
We Get You to the Closing Table – Plain and Simple – #thatsPROGRESS.