News By Tag
News By Place
Winston Rowe & Associates Completes $1,000,000. Apartment Building Loan
Winston Rowe & Associates is always here to help and understands that many good borrowers were hurt by the recession. 248-246-2243
By: Staff Writer
This was an extremely challenging transaction to complete their clients business declined when the recession hit, business plummeted, the personal credit score dropped, and owed back taxes and the apartment building suffered significant deferred maintenance.
Once the borrower was able to stop the free fall, the client’s financial situation was such that he was unable to find financing through traditional lenders.
At first glance, a half-vacant apartment building in Mississippi, with back property taxes and whose owner had less than ideal credit might not seem appealing to most lenders, but Winston Rowe & Associates was able to look past the flaws and develop a custom solution for their client.
Despite being half-vacant, the property had enough equity to provide an adequate loan to pay off the delinquent taxes, rehab the vacant units, and pay off the existing mortgage. By keeping a low loan-to-value, their capital source was willing to take a chance on this loan, despite the borrower’s poor credit.
Winston Rowe & Associates is always here to help and understands that many good borrowers were hurt by the recession.
For more information about Winston Rowe & Associates you can check us out online at http://www.winstonrowe.com or give us a call at 248-246-2243. A principal is always willing to speak with prospective clients.