NEW ORLEANS, LA - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a package of three separate loans, totaling $3,778,000, on three separate apartment buildings for one owner in Metairie, Louisiana (a suburb of New Orleans).
The first property, located at 1331 Lake Avenue, is a 14 unit multifamily property located on a 0.25 acre site. The property was built in 1980 and is in average condition. The property was 93% rented at closing. The second property, located at 1512 Lake Avenue, is a 17 unit garden/low rise apartment located on a 0.36 acre site. The property was built in 1980 and is in average condition. The property was 100% rented at closing. The third property, located at 1540 Chickasaw Avenue, is a 29 unit garden/low rise apartment located on a 0.61 acre site. The property was also built in 1980 and is in similar average condition. The property was 100% occupied at closing.
The cash-out refinance allowed the borrower to pay off higher rate bank loans and obtain cash out for property improvements and new investment purposes. The borrower received a 10 year fixed rate and a 30 year amortization using Freddie Mac's small balance loan program. Select Commercial was able to offer the borrower non-recourse loans, significant cash out, lower rates, and longer term amortizations.
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 $1,000,000 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.