Brad Domenico Negotiates 3.75% on $2.04 Million with 5 Years I/O for NJ Multifamily Acquisition
By: Progress Capital Advisors
With a borrower investment of $1.5 Million on a purchase price of $3.5 Million, Domenico arranged a $2,040,000 CRE mortgage with 5 years interest only at a favorable 3.75%. This loan represents a 65% LTV and is non-recourse with standard carveouts. In addition the borrower will follow a 5-4-3-2-1-1 prepayment schedule with the no PPP in the last three months of the term or if refinanced with existing lender. The current interest rate will reset at 5 years based on 6-month Libor +325bps based on existing 20 year term / 30 year amortization.
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 (https://progresscapitaladvisors.com/