Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,000,000 Commercial Mortgage, for the refinance of an owner-occupied property located at 12112 RR 620 N in Austin, TX. The property houses the owner’s martial arts studio and contains 7400 square feet of gross building area and parking for 26 cars. The property was purchased and renovated in 2020 using an SBA 7(a) adjustable-rate loan. Due to rapid increases in the prime rate, the borrower’s interest rate hit 11.25% and payments became unaffordable. We refinanced this loan with a 25-year fixed rate in the low 7.00% range and were able to save the customer thousands of dollars in interest payments. “Select Commercial specializes in owner-occupied properties, and we like to lend to small business owners”, commented Stephen A. Sobin, President and Founder of Select Commercial.
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.