Atlantic Beach, NY -- (SBWIRE) -- 11/09/2015 -- Selectcommercial.com announced on Thursday, November 5th 2015, the closing of a $4,500,000 cash-out refinance of a mixed use property that included 6 retail spaces, 18 apartment units and parking. The property is located in Chicago, IL (Cook County). The borrower received a 20-year loan term with the first 5 years at a fixed rate, followed by an option for 15 years at an adjustable rate. The loan has an amortization period of 30 years. The borrower was able to replace an existing high rate loan and obtain cash-out for consolidation and investment. The loan included an easy stepdown prepay penalty instead of the customary yield maintenance prepayment penalty. The loan was non-recourse to the borrower and did not require any escrows for taxes and insurance.
The borrower chose Select Commercial for their loan due to Select Commercial's great rates, simplified application process and quick closings.
Stephen A. Sobin, president of Selectcommercial.com provided the Illinois borrower with the loan.
About Select Commercial Funding LLC
Selectcommercial.com specializes in Apartment Building loans and commercial mortgage loans nationwide.
About President Stephen A. Sobin
Stephen A. Sobin has over 30 years of mortgage banking experience. His understanding of the market, underwriting skills, and in-depth knowledge of lender's requirements guarantee that our clients receive the very best terms available in the market.