Abo Capital – Closes $6.5 Million Commercial Mortgage Deal

LOS ANGELES - Feb. 12, 2024 - PRLog -- Abo Capital completes financing for a $6.5 million condo project.

Once again, Abo Capital has successfully helped another real estate developer secure funding for a new multifamily construction project in Los Angeles, CA.

This project required quick funding solutions for a construction loan that became due for an immediate pay off.

To pay off the initial construction loan, Abo Capital arranged financing for the developer to borrow 75% of the subject property's value.

This type of financing, that's based on the property's loan-to-value (LTV) enabled the developer to pay off his existing loan without bring any additional funds to closing.

A first mortgage for $3,500,000 at 9.99% and a second mortgage for $250,000 at 13% created a blended rate of 10%.

"We also arranged special releases that'll help facilitate future sales of the individual units, based on their size and value," says Steve Abo, Founder of Abo Capital.

"Our expertise is used to fund transactions that traditional banks deny," says Steve.

Based in Bel Air, CA, Abo Capital offers financing for residential homes and for commercial real estate.

Contact Abo Capital about financial solutions for Fix and Flip Loans, Bridge Loans, Private Money Loans and about financing for self-employed borrowers.

Call (310) 984-8028

Visit: https://AboCapital.com