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$1.4 Million Arranged for New Construction of Dollar General
Brad Domenico arranged a construction to permanent loan with Metuchen Savings Bank of NJ.
By: Matt Sadler
The borrower will have a 12-month interest only construction period with an optional 6-month extension at a floating rate of WSJP + 1%. After the initial 12-month interest only period the loan will convert to a non-recourse permanent mortgage with a 30 year term based on a 30 year amortization. The rate upon conversion will be set at 7-Year UST + 250bps and accompanied by a 5-4-3-2-1-0 prepay schedule. This loan represents 75% of the borrowers total costs.
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS