Commercial Mortgage Lenders: Office building refinance, Southern California
Commercial Mortgage Lenders pick up the pace at year end 2010. Financial Compound closed an approximate $4.5 million five year fixed rate refinance for a 20,000 square foot office building in southern California 100% leased to a single-tenant with 7 years remaining on its lease. The borrower had originally developer the property in the 1980s and the refinance involved approximately $2 million in “cash-out” proceeds. Prior to development, the site was a former gas station with a known environmental condition, making this transaction difficult for many commercial mortgage lenders. Other terms: 5.75% interest rate, 30 year amortization, non-recourse, no lender fee, 65% LTV, $8,500 in closing costs.
Commercial mortgage broker Financial Compound facilitated the transaction with a lender that it has a long-standing relationship with and was able to get comfortable with the environmental condition. Commercial mortgage broker Financial Compound states that single tenant transactions with leases less than 10 years are difficult, but not impossible to finance at https://xn--smln-coab.com/.
See also : Commercial Mortgage Broker