Joseph Schwimmer of Preferred Capital Group closes $3.3 million cash-out refinance

CHICAGO - Nov. 14, 2013 - PRLog -- $3.3 million cash-out refinance, representing 100% loan-to-cost after 15 months of ownership, for a 59-unit property located in the West Rogers Park neighborhood, in Chicago, Illinois. The loan was also sourced by Joseph Schwimmer of Preferred Capital Group.

Preferred Capital Group LLC is one of the nation's fastest growing mortgage brokerages serving the commercial real estate sector. Working with a wide variety of lenders, Preferred finances transactions ranging from $500,000 to more than $500 million

Preferred capital has close relationships with all major real estate capital providers, including domestic and foreign banks, CMBS lenders, credit companies and insurance companies, private lenders and hedge funds. Based on this, along with our true understanding of the needs of each client, we are skilled at arranging fixed and floating rate, construction, bridge, and permanent loans.

Today’s market continues to present owners and investors with unprecedented opportunities, many of which do not fall in the traditional mortgage “box”.  Often, these deals require a quick close or a lender that can work with the borrower to sort out a complicated situation (loan purchases, vacancy issues, foreclosures, etc).  At Preferred, we work for our clients to find the right bridge lender for each particular situation.  Terms offered by bridge lenders can vary dramatically and an experienced intermediary is critical to finding the right combination of factors that go into this type of loan