May 7, 2012
-- Chicago based Preferred Capital Group recently secured financing in the amount of $4,700,000 for a fully occupied retail property. The loan provided the borrower with 75% LTV to refinance the existing loan. The 4,800 square- foot property is leased by Banco Popular and is located on West North Ave in Chicago. Joseph Schwimmer of Preferred Capital's Illinois office negotiated on behalf of the borrower to secure 5 -year term mortgages with a rate of 4.75%.
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