Small Mixed-Use Owner-Occupied Purchase, Queens, NY
Challenge:
This is a smaller deal which the client sought financing to purchase three connected buildings, along with the electrical business occupying them. The buildings were older, and the business was underperforming with no financials to show. The entire commercial space in each of the three buildings, along with one of the residential units, was being used for the business, Most lenders (SBA and Conventional) returned with offers that fell significantly short of the needed proceeds.
Solution:
GPARENCY connected with a bank that took the time to understand the client’s vision for both the buildings and the business. Within a week, the bank recognized the potential in the deal and, at the client’s request, agreed to waive the guarantee from the business. This allowed us to secure a loan with a competitive 6.5% interest rate and a flexible prepayment structure, ensuring the client could move forward confidently with both the property and business acquisition.
#CREF #SHOPTHEDEAL #COMMERCIALREALESTATE
