Loan Closing Alert: $3.7-Million Refinance/ Cash-out Loan for a Class Office A Building Located in Boca Raton, FL
Terms: 75% LTV
10 Year Fixed
30 Year Amortization
The $3.7-million first-mortgage loan was utilized to refinance existing debt with some cash-out secured by a 25,400-square-foot multi-tenant office building located in Boca Raton, Florida. The property, constructed in 2006, is currently 87% occupied by 16 tenants, primarily local professional firms. The exterior of the building is white stucco and glass, and it provides covered tenant and visitor parking under the structure.
The property is located on North Federal Highway (also known a Route 1) in Boca Raton, with immediate access to points north and south via I-95, one-quarter mile west of the property. Furthermore, the property is located on the 79th Street canal.
Many of the offices have water views of the Intracoastal Waterway, including the magnificent boats and restaurants on the water.
The transaction had its challenges!
The owner had already wasted over 90 days trying to go direct to a lender. – Unfortunately, he “burned his bridge” with that lender by saying the wrong thing. A common mistake made by many borrowers not familiar with the new mechanics of commercial financing which can kill a loan and waste a lot of time! Since we work with commercial underwriters daily, we’re more capable of properly presenting the financing proposals. We tell our borrowers please don’t go at this alone! Remember -The lender only has their interest in mind not the borrower.
We have multiple transactions simultaneously with a variety of investors. This enables us to “horse trade.” For example, if you do this loan- we have other loans to submit. Sometimes, we need to be firm with the investors – We might take this loan away if you don’t treat our borrower like gold conversation!
This client was delighted; we were able issue multiple financing offers for his review. We advocated for him every step of the way even calling him on Friday nights with loan updates. We never leave our clients “hanging” over the weekend. Good, bad or ugly, we remain transparent to our borrowers throughout the process. Remember, lenders will say one thing to the borrowers and another to us commercial advisors. Our borrowers know we handle every aspect of the loan process on their behalf. This takes the pressure off our borrowers and allows them to focus on what they do best –
Real Estate Investment and Development.
Since we have recently funded numerous transactions with this investor, we addressed a zoning issue prior to the underwriter catching the problem. We anticipate underwriting concerns quickly which saves value time for our clients.
On this particular transaction, the tenant leases are very short, some only year-to-year, and some of tenants at the property did not match the business names on the leases. Lease rollovers really make underwriters nervous. Knowing this issue would need to be addressed, we provided a thorough market analysis to the underwriter upfront. We convinced the chief credit officer that the outstanding location will always provide strong demand for space at the property.
In this lending environment, there’s no perfect loan but a solid middle ground for all parties.
The most rewarding part of our job – is a happy client-
We’re already working on his next project!
Referrals are the biggest compliment!
Eleanor Financial prides itself in delivering new and innovative lending programs.
contactos algeciras mujeres We provide both permanent and bridge financing solutions for all types of commercial assets nationwide including many non-recourse options available through lending partners with flexible terms up to 80% leverage in some markets – even Hospitality!
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http://emilymarchblog.com/maglayd/5110 You will never experience the horrors of a commitment not being honored with our team. We never charge any upfront fees.
rencontre un homme serieux Unlike other lending groups, we offer quick and reliable feedback to all our clients with competitive rates and successful closings.
We’re excited to be the exclusive facilitators for several new and old investors entering into the commercial lending market.
mature francaise 60 ans Our Company remains the most adaptable and capable in the industry to guide our borrowers through the ‘New Normalcy.”
sites We welcome any inquiries regarding your proposed commercial real estate financing needs.
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http://grovesvetclinic.com/lidiya/3785 Our team is here to assist you!
We make the impossible … possible
Eleanor Financial, INC.
Toll Free: 866-732-5626 Cell: 713-858-5556