Select Commercial Closes Apartment Loan of $2,250,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,250,000 Apartment Loan, for the purchase of a multifamily (garden/low-rise) apartment property containing 48 units on a 1.25 acre site located at 1424 Elizabeth Street in Lafayette, Indiana. The property is a two-story walkup with 36,896 square feet of gross building area and 33,072 square feet of net rentable area. The property consists of 16 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units. The apartments were 100% occupied at closing. The properties were constructed in 1997 and were in average condition. “Our borrower went first to his local credit union and was offered a 5 year fixed rate with a 25 year amortization. We offered a 10 year fixed rate and a 30 year amortization. Our rate was significantly lower as well.”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The acquisition loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “Our borrower’s cash flow position is much stronger with our loan as opposed to the loan with his credit union.” said Mr. Sobin, adding, “This is our first transaction with this borrower, and we hope to work together again.”
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.
About Select Commercial
About Select Commercial Funding LLC
The professionals at Select Commercial Funding LLC are commercial mortgage consultants focused on providing the best financing solutions for each deal and every client. We manage every detail of the loan process from start to finish and are proud of the reputation we've established with our clients. We act as your professional commercial real estate loan advisor to help find the optimal financing solutions for you by offering personalized service and custom tailored loan programs to suit your individual needs. From small loans to large loans, we deliver the results that have earned the trust and confidence of borrowers and lenders nationwide.
Select Commercial specializes in apartment building loans, commercial real estate loans, and business real estate loans nationwide, with a minimum loan size of $1,500,000.
President of Select Commercial
About President Stephen A. Sobin
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. Mr. Sobin has over 35 years’ experience originating commercial real estate loans. He formed Select Commercial to offer commercial mortgage banking and real estate capital advisory services to his clients on a national basis. His goal was to become an advocate for his clients and to help them navigate the ever-changing economic conditions facing the banking industry and to assist them by providing access to commercial real estate funds despite the uncertainty of the capital markets. The company was founded on the belief that most small to medium sized property and business owners lacked the expertise and sources to obtain the best financing options in the $1,500,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.