Select Commercial Funds $2,050,000 Apartment Mortgage Loan Located in Mooresville, North Carolina

NEW YORK, NY – Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage firm, is pleased to announce the closing of a $2,050,000 loan to facilitate the refinance of the Fieldbrook Apartments, a 59-unit apartment complex located in Mooresville NC in Iredell County.  The apartment property consists of 68,312 square feet of space in 13 buildings located on 7.11 acres with parking for 132 cars.  The property was built in 1988 and has been owned by the borrower ever since.  “The borrower was able to refinance higher rate debt and obtain cash-out for property improvements and debt consolidation” explained Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 10-year fixed rate of 4.35% and a loan-to-value ratio of 70%.  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.  The loan closed within 45 days of formal application.  Other lenders turned the loan down due to the property’s rural location.  “Select Commercial specializes in apartment lending in all areas, even rural locations” 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.