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Follow on Google News | ReCap Secures $8M for Single Tenant, Mixed Use Manhattan BuildingReal Estate Capital of America, Inc (ReCap) deftly secured an $8 million mortgage on a Seventh Avenue single tenant, mix use building in Manhattan, NY with a unique income situation.
Johnny Su, COO of ReCap, explains, “The challenge of the loan was that nearly half of the building income came from the billboard which most banks don’t consider as a rental income… and more than half of the loan proceeds was cash out to the owner. “ Despite the difficulties, ReCap was able to secure the loan on behalf of its client with a low 4% fixed rate mortgage over 30 year amortization due to ReCap’s strong relationships with its bank partners. Su says, “The cash out allow the client to relocate his restaurant business and pursue other business ventures, and the 30-year amortization and low 4% fixed rate.” Su added, ”ReCap has once again delivered a financing package that is beyond the client’s expectation. Normally, a bank will not provide more than 20 year amortization on a commercial property lengthening the loan to 30 years helped our client substantially in lowering his monthly payment, improved his cash flow and eased the burden of transitioning his restaurant business. Now he’s able to focus on exploring other business ventures.” Real Estate Capital of America, Inc. (ReCap) is a prominent commercial finance boutique assembled by distinguished experts. Leveraging off its combined expertise and strong relationship with their vast network of lenders and partners, ReCap continues to deliver and secure creative financing and solution for its clients despite the market turmoil. Tomer Dicturel, CEO of ReCap, adds, “We succeed where other fail.” End
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