Dallas, Texas — BMC Capital announced on Tuesday, October 10, 2006, that it originated a $2.1 million loan for the refinance of Vieux Carre Apartments, a 44-unit complex located at 2405 Stanford Road in Panama City, Florida.
Mason Whitehead, a loan officer in the firm’s Dallas office, provided the Florida borrower a 10-year fixed rate mortgage with a 74% loan-to-value. The loan also featured three years of interest-only payments on the front end and a 30-year amortization thereafter. Whitehead comments, “We helped our borrower achieve far higher leverage than any local lender was willing to extend. That was due to the fact that our assessment of the property’s value was based on its future revenue potential after extensive renovation versus historical numbers, which only yield a static and more limited value.”
BMC Capital is a leading lender for small-balance multifamily loans in the Southeast market and anticipates originating at least 100 such transactions in 2006.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality mortgage loans in the $500,000 to $5 million range. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.
For more information on BMC Capital, contact:
Jonathan Morris
President
4514 Cole Ave, Suite 750
Dallas, TX 75205
(214) 526-7178
jmorris@bmccapital.com
www.bmccapital.com
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