Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Recent Closing
Select Commercial Closes Loan for Portfolio of Individual Homes of $5,323,125
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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.
About Select Commercial Funding LLC
The professionals at Select Commercial Funding LLC are commercial mortgage consultants focused on providing the best financing solution for each deal and every client. We manage every detail of the loan process from start to finish and act as your commercial real estate loan advisor, offering personalized service and custom-tailored loan programs. From smaller loans to large loans, we deliver the results that have earned the trust 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. Learn more about us.
About Stephen A. Sobin, President
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. With more than 30 years of experience originating commercial real estate loans, he formed Select Commercial to offer commercial mortgage banking and real estate capital advisory services to clients on a national basis.
Read Stephen’s full profile or contact our team to discuss your loan.
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