Commercial Loans Blog

Apartment Financing - Deal of the Week!

February 13th, 2018 2:28 PM by Karen Schimpf

 
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Deal of the Week!
 
 
What's Closing at Commercial Capital Limited?
 
Decided to change things up and focus on just one deal more in depth then listing a bunch of deals. This loan closed last month. By explaining this deal a little deeper, I think you can get some insights into just what we are able to do here at Commercial Capital.
 
$1,100,000 Apartment Complex Purchase!
 Location: Louisville, KY

This deal came to me from a mortgage broker in Kentucky. We are nationwide. The borrower wanted Freddie mac type rates(in the 4's) but was NOT STRONG ENOUGH TO GO FREDDIE MAC due to liquidity/net worth/experience issues. As I priced it with other conduit lenders, they were coming back in the 5's because of location and loan size and that rate was too high for this borrower. Local banks did not like that he lived in CO and was buying something in Kentucky. They all wanted him to come in with 35-40% down because he was out of state. But he needed 75% LTV. The small size created another problem as the loan amount was only $825,000 at 75%. SO I HAD TO GET A MID 4'S RATE FOR A SMALL APARTMENT DEAL WITH AN OUT OF STATE BORROWER WHO WAS NOT STRONG ENOUGH TO GO AGENCY. WE GOT IT DONE! We found a lender who did a first and a second combo pricing the first extremely low so that the blended rate came in at 4.45%! That is a 10 year fixed with a 30 year amortization. Borrower signed on and closed on time.
 
We have so many options for financing- we are correspondents for life companies, conduit lenders, banks, credit unions and all the stated and alternative lenders as well as private money bridge financing. We really are a one stop shop for all of your commercial and Business loans as we are one of the largest closers of SBA loans in the country. We have a particular knack for franchise start-up financing and half my pipeline are these types of loans. Most loans come to us after the banks have said no and yet we still get them done with bank rates-we just choose the right bank for the scenario from the 200 options we have nationwide. So when you need a commercial or business loan, think of Commercial Capital. We are the place to go when the banks say no. It costs NOTHING to run your deal by me, just give me a call or e-mail me.  Have a blessed week!


Sincerely.

Karen Schimpf 
Phone:512-650-8630
Email: karenschimpf at gmail.com


p.s. Although we have FHLMC and FNMA apartment loans available, we also have loans with less headaches and still fantastic rates. Along with direct bridge loans , mezzanine, and more-Commercial Capital is your one stop shop for all your commercial lending needs. We offer free pre-qualifying and can usually have you terms in writing in 72  hours or less! Give us a call today at 512-650-8630
Be blessed!  
 
 
 
 





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Posted by Karen Schimpf on February 13th, 2018 2:28 PM

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