I have been involved in mortgage lending for over 30 years. My company, Select Commercial, focuses on originating commercial mortgage loans for the owners and purchasers of commercial real estate nationwide. Our clients range from first time commercial property buyers to seasoned investors who come back repeatedly each time they purchase a new commercial property or need to refinance an existing commercial mortgage loan. We have successfully financed all types of properties, including apartments, retail, industrial/warehouse, and office buildings. We have special programs for small business owners who are looking to purchase or refinance their own business properties – many of these properties are single and special use properties that are often rejected at local banks – such as gas stations, restaurants, motels and more.
I thought I would write about some of our recent closings in order to share some examples with you:
- We closed a $1,518,000 loan to allow our client to purchase a mobile home park/trailer park in Maryland. We offered the borrower a 75% LTV and gave him a 10 year loan and a 25 year amortization. The rate was fixed for 5 years at a time. The borrower’s local bank was not interested in a trailer park and did not like the remote location (it was in a small community). We liked the borrower’s qualifications and the property’s cash flow and approved this loan.
- We had a client that owned a restaurant in a suburban Colorado location. He needed to refinance his loan to obtain a lower rate and take cash out to build a second location. We approved a $1,400,000 cash out refinance for a 25 year term. Our loan was a renewable 5 year fixed rate loan at a lower rate than his current loan. Our borrower’s local banks were not interested in financing a restaurant. We did not have that restriction.
- Another client of ours was the owner occupant of a pizzeria located in a small strip center in Brooklyn, New York. He was looking to take cash out of his property to buyout a family member who was retiring. We closed a loan of $1,050,000 with a 5 year adjustable rate and a 25 year term. Our rate was much lower than the local bank offered.
- We closed a $1,116,000 loan for another one of our clients who was purchasing a 48 unit apartment building in Oklahoma City, Oklahoma. The borrower lived out of state, and the local banks did not want to lend to an out-of-state buyer. We made a loan at 75% LTV and offered a 7 year adjustable with a 25 year amortization.
These are just some recent examples of loans that Select Commercial closed for our clients. We would love the opportunity to help you purchase or refinance your next commercial real estate transaction. If you have a scenario you would like to discuss, please call me directly at 516-596-8537 or click here for a free loan quote.