Select Commercial Funds $1,000,000 Shopping Center Loan in Huntington NY
NEW YORK – Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,00,000 loan to facilitate the refinance of a retail strip center, with 10 retail units, located in Huntington, New York in Suffolk County. The shopping center consists of 10,329 square feet of retail space, located on a one-story, one-acre site. The property was 80% occupied by 8 local retail tenants. “The borrower was able to refinance his current high rate loan and extend his term” explained Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 25-year term and amortization with the rate fixed at 3.625% for the first 5 years. The loan is subject to adjustment after each 5-year period for a full 25-year term. The loan does not contain a balloon payment. “The borrower liked the fact that the loan did not contain a balloon payment or early maturity” said Mr. Sobin, adding “This a long-term investment for the borrower and he liked the full 25-year term.”
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 30+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrowing entity.
About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.
About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $750,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.
Please visit http://selectcommercial.com for more information.