Marcy and Mario talk about 2 recent closing, First Mortgage on a Mixed Use and Industrial property

Marcy and Mario talked about 2 recent closings on a Mixed use property and an industrial property that we provided first mortgage debt on.

“Marcy: Marcy
Mario: Mario
Marcy: We’re here to talk about the two deals that we just closed today. So, the first deal.
Mario: Yeah, that was in Virginia, right?
Marcy: In Virginia.
Mario: Mixed Use?
Marcy: Mixed Use, which is an incredible opportunity. This is just a regular person buying this investment property for their future. It’s a nice space. There’s one apartment and two commercial spaces, and he bought it at a very reasonable price. You know, we were able to get him, you know, give him the financing, and he’s gonna lease it out, and you know what? He’s gonna make a nice income on it, and we were able to give him that opportunity to purchase this property.
Mario: Yeah, we got it done really fast, and he’s starting a new business. So not only is he just acquiring new building.
Marcy: Right, he’s moving his business into it.
Mario: Right, he’s starting a whole new enterprise, so I mean, we wish him a lot of luck. I think he’s gonna do really well.
Marcy: He’s gonna do great. So that was the one property, and then the next property was in Illinois, and it was a warehouse with a lot of land, but it was like the buyer got it at a great price, and we were able to do a higher leverage for him because he blanketed other properties that he owned. So, if we can’t get all the equity in one property, and the borrower owns other properties, we will do a blanket loan to get to our LTV.
Mario: Yeah, Marcy, I mean, that’s a great point. I mean, we’re always looking to think out of the box, right, to make a deal work. We really want to work with our borrowers and see how we can structure the loan.
Marcy: And we do. So even someone could come to us and say, “Oh, I need a higher leverage than we typically offer.” We can come up with some solutions sometimes. I mean, if our borrowers own other properties and there’s equity in them, we will do a blanket loan. And meanwhile, he already leased it. The borrower has a signed lease; he’s getting a nice income from it, and our borrower won, and we won. We did the loan, and it closed.
Mario: Yay. Great, Yeah. No, it’s a couple of great stories and a couple of great loans, right? So, we need more. So, like us.
Marcy: Give us a call, like us on YouTube, give us a call, and email. You can get in touch with us at 561-221-0900 or ext. 103. All right, good to talk today. Bye.”