$1,625,000 Rate and Term Refinance of Investor Building

Posted by in Brian's Blog, Recent Closings, Tip Of The Week

Where: Meadville, PA

 

Type: You may be asking “where is Meadville, PA” and that is EXACTLY why this loan was a tough loan to get closed.  It was a nice cash flowing investor property for a solid borrower out of WA State which presented another problem-the borrower was in a different state, actually across the country, from the property.  For Conduit loans, this is not a problem.  Conduit lenders only focus on major metro markets and places like Meadville, PA-population 13,000 just don’t get the Wall Street money.  Banks and credit unions generally don’t like to do loans for borrowers who are not in the same state as the property.  So this deal was kind of stuck in ‘no where’ land.  We found a bank that started in the Pacific Northwest that happened to have a branch in Meadville-are you kidding?  Possibly the only source to do this deal and they did it with great rates.  You see, I BRING MONEY FROM AROUND THE COUNTRY TO LOCAL MARKETPLACES INSURING THE BEST DEAL AND, THE HIGHEST LIKELIHOOD OF CLOSING.  I charge nothing to review any deal and if approvable, get terms out.  You risk nothing trying me for your next commercial deal. Call me at866-355-1244!