Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $5,323,125 loan for the refinance of 36 homes located in New Orleans, Louisiana.
The portfolio loan covered 36 homes, consisting of 30 duplexes, five single family homes and one 4-unit home. The properties appraised for $7,097,500 and the loan-to-value ratio was 75%. The borrower received a 7 year fixed rate loan and a 30 year amortization. The rate was fixed at a margin of 2.99% over the 7 year swap rate for an all-in rate of 4.48% at closing. The loan was non-recourse (no personal guarantee).
The loan allowed the borrower to refinance existing higher rate financing and obtain cash out for other business purposes. The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings utilizing this lending program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.