Select Commercial Funds $1.75 Million Apartment Mortgage Loan in Greenwich Village, New York

NEW YORK, NY - Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage firm, is pleased to announce the closing of a $1,750,000 loan to facilitate the refinance of an historic Greek revival townhouse containing 5 apartments located in Greenwich Village, New York City.  The apartment property consists of 3,600 square feet of space, built in 1840, and recently renovated.  

“The borrower was looking to obtain a cash-out refinance  in order to purchase another investment property and obtain cash for property improvements” explained Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 10-year fixed rate loan.  After 10 years, the rate is subject to adjustment based on the LIBOR index with semi-annual and lifetime caps.  The borrower received a 20-year term and a 30-year amortization.  “Select Commercial specializes in long-term, fixed-rate apartment lending” said Mr. Sobin.  “The loan is Non-Recourse, meaning the lender did not require personal guarantees” Sobin explained further, adding, “That was a huge benefit to the borrower”.

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 30+ years of experience and their “A+” rating with the Better Business Bureau.  Stephen A. Sobin negotiated the loan on behalf of the borrowing entity.

About Select Commercial Funding LLC: Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.

About President Stephen A. Sobin: Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis.  His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets.  The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $750,000 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. Please visit selectcommercial.com for more information.