Long Branch, NJ – Abe Mann of Progress Capital negotiated a $1,500,000 permanent mortgage loan for a valued client to acquire the multifamily building located at 1190 Lincoln Court in Long Branch, NJ. The subject property is a beautifully well-maintained apartment building consisting of (7) two-bedroom and (2) one-bedroom units. The loan amount represents a 75% loan to value ratio.
Abe’s client was under a tight 1031 exchange deadline and needed a lender who would be able to close in a timely manner. Abe ultimately worked with a local Savings Bank who funded in only 6 weeks, and provided the following key terms:
• 4.50% Fixed for 7 Years
• Flexible Prepayment Schedule
• 30 Year Amortization
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.