PROGRESS CAPITAL | Orange, NJ – $1,200,000
15723
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Orange, NJ – $1,200,000

Category
Multi-Family, Retail
About This Project

 

$1,200,000 with $300,000 Cash-Out to Borrower on Orange Refinance

 
Orange, NJBrad Domenico of Progress Capital Advisors secured $1,200,000 in financing for a valued client to refinance a 6,823 SF mixed-use property comprised of 2 ground level retail units and 4 apartments.  The borrower self-financed the purchase of the property for $550,000 in November of 2015, injecting an additional $325,000 for capital improvements to reposition the asset to full market value.
 
Refinancing the current debt on the subject property allows the borrower to recapture $800,000 in equity on the now unencumbered property while providing an additional $300,000 cash out.  Key terms of the loan include:
 

  • 4.25% Fixed for 7 Years
  • 12 Year Term
  • 30 Year Amortization
  • Declining Prepay

 
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