Select Commercial Funding LLC, Announces Closing of $ 2,092,000 Apartment Loan
The apartment loan was for the purchase of a 50 unit garden apartment complex known as Lakeside located in Brownsville, Texas.
NEW YORK, NY, United States, November 16, 2021 /EINPresswire.com/ – Select Commercial Funding LLC, a leading national commercial mortgage brokerage firm, is pleased to announce the closing of a loan of $ 2,092,000 for the purchase of a garden apartment complex of 50 units known as Lakeside Apartments, located in Brownsville, Texas (Cameron County). The two-story apartment complex is located on a 7.1-acre site with parking for 107 cars and contains 41,618 square feet of net leasable area with an average unit size of 832 square feet. The property was built in 1965 and fully occupied at present. âSelect Commercial has extensive experience in apartment financing and we are very happy to offer our client a very low fixed rate loan,â commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower benefited from a 7-year fixed rate loan and 30-year amortization. Payments for the first year are for interest only. The loan was non-recourse and came from the Freddie Mac SBL program. âThe borrower appreciated that we were able to offer a low fixed rate for this purchase,â Mr. Sobin said, adding, âThis is the first transaction with this borrowing entity and we look forward to many more. other transactions together â.
The borrower chose Select Commercial for their loan based on Select Commercial’s market knowledge, over 35 years of experience, and âA +â rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.
About Select Commercial Funding LLC
Select Commercial specializes in real estate loans, commercial mortgages and commercial real estate loans nationwide, with a minimum loan amount of $ 1,000,000.
About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to provide nationwide commercial mortgage banking and real estate capital advisory services. His goal was to become an advocate for his clients and help them navigate the constant changes facing the banking industry and assist them by giving them access to commercial real estate funds despite the constant challenges facing the capital markets. . The company was founded on the belief that many small and medium-sized business owners and business owners lacked the expertise and sources of capital to obtain the best financing options in the $ 1,000,000 to $ 1,000,000 range. $ 10,000,000. While large real estate companies often have finance professionals in-house, most small and medium borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin is focused on providing these services to this segment of the market.