Birmingham, MI (PRWEB) February 7, 2008
Commercial Finance Advisors, Inc, closes $475,000 commercial mortgage refinance. Loan program is a commercial 30 year fixed, fully amortizing, secured by a 9 unit, mixed use building in downtown Ferndale, Michigan. The property is located on the corner of 9 Mile and Woodward. Tenant mix includes office, retail and nightclub in the lower level of the building.
The long term fixed rate financing replaced their existing traditional 5 year fixed, 20 year amortization bank loan. Cash flow savings were 21% compared to the previous loan. The debt coverage ratio was strong at a 2.4. Interest rate was 7.4%.
Owner commented that he liked not having to worry about performing another commercial mortgage refinance in the future and the cash flow savings was an additional benefit.
Jeff Rauth can be reached at 248 885-8797, he is the President of Commercial Finance Advisors, Inc out of Birmingham, Michigan. Specializes in Commercial Mortgages between $400,000 - $5,000,000. Offers unique loan programs such as Commercial Second Mortgages, Commercial 30 Year Fixed and 90% non SBA financing. 248 885-8797 Commercial_Mortgage_Refinance or http://www.commercial-second-mortgage.com/commercial_cash_out_refinance.html