Industrial Building Loan Closing
- May 30, 2019
-- NEW YORK
– Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $3,300,000 cash out refinance loan, for the refinance of an owner-occupied light industrial/manufacturing/
office building located in Tomball Texas (Harris County). The property is a two-story building consisting of 84,195 square feet of space located on a 5.51-acre parcel (240,000' site). The building houses the borrower's electrical equipment business. "This was a great loan for our borrower/client. Our borrower was able to refinance his current maturing loan and take additional cash out for continued business investment" explained Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 30-year term and a 30-year amortization. The rate was fixed for five years and then converts to an adjustable. The loan does not have a balloon payment. The loan had a low, stepdown prepayment penalty and allowed the cash out to be used at the discretion of the borrower. "The borrower liked the fact that we were able to offer a 30-year loan and allow cash out for other business purposes. We understand small business lending and are extremely proficient when it comes to underwriting owner occupied properties", said Mr. Sobin, adding "This a long-term investment for the borrower as the borrower operates his business from this location".
The borrower chose Select Commercial for their loan based on Select Commercial's knowledge of the market, their 30+ years of experience and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrowing entity.About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $750,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.
Please visit http://selectcommercial.com
for more information.