PROGRESS CAPITAL | $1,725,000 Essex County Refi with $740,000 Cash Out
$1,725,000 Essex County Refi with $740,000 Cash Out Essex County, NJ - Brad Domenico of Progress Capital Advisors 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.
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Essex County, NJ – $1,725,000

Home / Essex County, NJ – $1,725,000
Category
Multi-Family, Retail
About This Project

 

$1,725,000 Essex County Refi with $740,000 Cash Out

 

Essex County, NJ – Brad Domenico of Progress Capital Advisors 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:

 

  • 3.875% 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:

 

  • 3.875% Interest Rate Fixed for 5 Years
  • 30 Year Term
  • 30 Year Amortization
  • No Prepayment Penalty
  • 75% LTV

 

Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans.  With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table – plain and simple – #thatsPROGRESS