RealWebFunds Secures $6,600,000 Commercial Mortgage Refinance for a Suburban Office

RealWebFunds, Inc has closed a $6,600,000 commercial property loan for a 49,177 s.f. suburban office building. The Class A office building is a multi-tenant property occupied by mortgage companies, title companies, travel agents, and other professionals. The office complex is owned by the original commercial real estate developer who was looking to refinance with a low-leverage, long term, floating rate mortgage. Because the loan was very low leverage, several lenders competed to fund this commercial mortgage.

(PRWEB) October 22, 2004 -- RealWebFunds, Inc has closed a $6,600,000 commercial property loan for a 49,177 s.f. suburban office building. The Class A office building is a multi-tenant property occupied by mortgage companies, title companies, travel agents, and other professionals. The office complex is owned by the original commercial real estate developer who was looking to refinance with a low-leverage, long term, floating rate mortgage. Because the loan was very low leverage, several lenders competed to fund this commercial mortgage.

The borrower chose a lender that provided a par-priced, 10 year variable rate loan that floats over the 30 day LIBOR index. This non-recourse commercial mortgage has a 30 year amortization schedule with no capital reserves, tenant improvement reserves, leasing commission reserves or impounds for taxes and insurance. The lender also allowed for a custom prepayment structure of only 3 years. Christy Slye, Commercial Mortgage Specialist of RealWebFunds was the originator for this transaction.

About RealWebFunds
RealWebFunds, Inc. (www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects between $500,000 and $20,000,000. RealWebFunds is known for encouraging competition among commercial mortgage lenders to find the best commercial real estate financing available. Our commercial loan experts and Internet based commercial financing tools result in a service that is unmatched in efficiency, speed, and financing terms.

In 2003, RealComm (http://www.realcomm.com) recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.

For More Information Contact:
Christy Slye
cslye@realwebfunds.com
888-314-3625 x117

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