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Newark Fire Damaged Building Gets New Life with $1,200,000 Refinance
Brad Domenico, of Progress Capital, Negotiated the Amount and Terms of the 10-Year Loan
By: Progress Capital
The $1,200,000 mortgage has a 10-year term amortized over 30-years. The loan has a 5-year fixed-rate at 4.92%, a declining prepay schedule and represents 70% of the subject property's value. The proceeds of the loan allowed the borrower to recapture over $500,000 to be invested back into their commercial portfolio.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has secured loans in excess of $40 Billion and directly funded over $100 Million. With 25 years of industry leading experience, Progress Capital has an unrivaled network of lending partners and capital market relationships allowing us to provide you with flexible custom financing solutions.
We get you to the closing table – plain and simple – #thatsPROGRESS
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Page Updated Last on: Jul 26, 2018