For today's Matt's Minute we’re going to talk about the recent closing of West Robindale Industrial.
Transcription:
Hello everyone, welcome to Matt’s Minute.
Today we’re going to talk about the recent closing of West Robindale Industrial, a 26,000 square foot industrial and office project located here in Las Vegas.
The borrower approached us with a request to refinance out of an existing SBA loan. Life Insurance Company debt was favored due to the lack of loan convenance and provisions and the ability to minimize personal recourse liability.
After approaching a number of our life insurance company lending relationships, we were able to provide ideal terms from Kansas City Life. The borrower received a 15-year fixed rate loan at 3.75%, rate locked at application.
Prepayment is flexible after year 5 and borrower may pay 15% of the original balance per year without penalty.
We also reduced recourse to 25%.
If you have any questions about reducing recourse and refinancing out of your SBA or bank loan, please give me a call.
Matthew Hoyt, Senior VP
702.792.75578
mhoyt@commcapnv.com
As your exclusive advisors, CommCap utilizes proprietary systems, market expertise, and years of experience to secure aggressive financing options that best fit your property. Exclusive correspondent and servicing relationships with Life Insurance Company, CMBS, and Agency lenders ensure a broad and in-depth representation of current market conditions. Our team of advisors craft a loan structured to enhance revenue and allow you to focus on increasing cash flow.
We do not list, sell, manage, or lease property. We only arrange financing and are the best at what we do.