Why Should I Use Select Commercial
Many of our customers have asked us why they should use Select Commercial instead of just going to their local bank to obtain a commercial mortgage loan. Select Commercial has the ability to close loans that other lending institutions can not close. Since we have numerous sources of capital available to us, we can offer better commercial mortgage terms than most other individual lenders.
We would like to share some examples with you:
1) One of our recent clients was looking to purchase an apartment building in Oklahoma. The client lived out of state. Their local bank would not approve this transaction. We approved and closed this deal and at a lower rate than their bank was charging for local customers! We lend nationwide and the fact that the borrower lived out of state did not concern us.
2) Another one of our clients owned a retail strip center in New York. He was looking to buy out his partner and needed cash. His local bank did not offer cash out refinances. We allowed him to cash out over $1,000,000 to help him acquire the property from his partner, and we offered a great rate as well.
3) We recently had a client in Colorado that owned and operated a restaurant. His current rate was very high. He wanted to lower his rate and withdraw cash to open a second location. His local banks were not interested in making loans to restaurants, and certainly could not offer cash out. We had no problem with either of these situations and closed the loan.
4) Another client was looking to purchase a trailer park in Maryland. This was his first property of this type and the location was somewhat remote. None of his local banks wanted to make this loan. Again, we were fine with this transaction and we closed this transaction with no hesitation.
5) We currently have a client looking to refinance a New York City co-operative mortgage loan. Their current loan matures in 2016 but they want to lock in today’s low rates. We offered them an extended rate lock option, allowing them to apply early, lock in the rate now, and close next year!
These are just a few examples of commercial real estate loan transactions that we have offered our clients recently. If you would like to discuss a scenario, please call us today at 516-596-8537 or click here for a free quote.
You can check out our commercial real estate loan rates here. Then use our commercial mortgage calculator to determine your monthly principal and interest payment.
Author
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.