Retail Shopping Center – Refinance
Loan Amount:- $3,500,000
Our client was looking to refinance their portfolio of multi-family properties, but was unable to secure permanent financing because of the given reasons below:
- Past credit problems that caused a lower credit score as well as late pays on tradelines.
- Financials not as strong as they need to be for bank financing.
So, Why Private Capital Investors?
Private Capital Investors was involved in the placement of the current loan and was making sure the borrower was doing what was necessary to get a permanent loan, once the maturity date for the existing loan came due.
2. How do we Tackle the Challenge?
Private Capital Investors in a relationship type of company, so we are always in contact with our clients who we place with a bridge loan, to make sure we can obtain the borrower’s ultimate goal, and that is permanent financing with the best rates in the market.
We were successful in obtaining a bank loan for the client with a local bank and were able to get the client long-term financing, with rates and terms that were even better than our initial expectations.
- We secured the loan within 60 days
- We were able to guide our borrower from start to finish, to make the process as smooth as possible. Bank loans can be a little complicated if you are not used to the process.
- We were able to prevent the borrower from going into default with their current bridge lender since the loan was coming due in a few days from the closing of our permanent loan.
- We were able to secure permanent financing with rates in the lows 5’s and save them a lot of money from what they were paying with their current bridge lender with a rate of 10.45%.
A few years ago, we were in default with our bank that we had our loan with due to a major tenant not paying the rent, which forced us not to be able to make the full mortgage payment on our retail shopping center.
We were about to be foreclosed on, and we found Private Capital Investors. I must say, I never knew about hard money or bridge loans as far as rates and terms, so I was a little shocked with higher rates and terms.
I was assured by the CEO Keith Thomas that this was a temporary fix, and that he would help me along the way so that I would be able to get back into a bank type of loan once I was able to clean up my credit as well as getting the major tenant back up to date with paying the lease and bringing it current.
Well, after 18 months were soon coming to a close, Private Capital Investors kept their promise and helped me secure a permanent bank loan, and I was also able to improve my credit as well as get the non-paying tenant current.
I highly recommend Private Capital Investors for anyone looking for a company that keeps their word, and a company that is more worried about the well being of their clients, and not the well being of their pockets.