Orange, NJ – Brad 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:
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