North Liberty, IA, March 31, 2014 --(PR.com
)-- Obduro Capital LLC has successfully closed a $2,225,000 conventional mortgage secured by a 12-unit mixed use commercial/residential property located in Saratoga Springs, NY. The ten-year term loan carried an interest rate of 4.56% fixed for five years, amortized over 25 years, with funding provided by Zions First National Bank of Salt Lake City, Utah.
“This transaction once again demonstrates Obduro’s capacity to finance deals with quality sponsorship in local real estate markets nationwide,” said Craig Perry, Obduro’s managing director. “We were able to quickly deliver competitive loan terms that allowed the sponsor to complete the acquisition in a timely manner.”
The loan will be used to finance the acquisition of a three-story mixed use building located in downtown Saratoga Springs. Total purchase price for the property was $3,725,000, with the borrowers raising purchase proceeds through simultaneous execution of a 1031 exchange.
Regarding the current environment for private lending, Perry added, “Our funding partners continue to be extremely aggressive in their efforts to deploy capital for strong projects and properties that make sense, regardless of geography, structure, or property type.”
About Obduro Capital LLC – Obduro Capital (http://www.obdurocapital.com) is nationwide originator of commercial mortgage debt across all property types, offering alternative sources of funding and business advisory services to borrowers through our relationships with a global network of private lenders and investors. Products include conventional, SBA, bridge, and hard money financing for any income-producing commercial property, as well as agricultural loans, lines of credit, and preferred equity.
Contact: Craig Perry
Phone: (319) 270-3760