Coralville, IA, April 30, 2014 --(PR.com
)-- Obduro Capital LLC has successfully closed a $1,725,000 conventional mortgage secured by a 35-unit retail shopping center located in Waynesville, NC. The five-year term loan carried a fixed interest rate of 4.00% amortized over 15 years, with funding provided by Bank of North Carolina in Asheville, NC.
“This was a situation where the borrower was best served by working with a lender who understood the dynamics of the Western Carolina economy,” said Craig Perry, Obduro’s managing director. “We were able to leverage our relationships in the community banking industry to deliver a highly competitive solution from a local lender, which always brings comfort to the borrower.”
The loan will be used to refinance a retail strip center property which has been owned by the borrower for over 30 years. The new mortgage lowered their interest rate by almost two full points, and also included cash-out for minor maintenance and repairs.
“This transaction really highlights the lending network we have built across the country,” Perry added. “Often private funding sources will be able to deliver the best terms, but in this case we were dealing with a request to extract equity, minor credit issues, and short-term leases on an investment property in a non-metro area. It would not be a natural fit for a lot of lenders, but we were able to meet every goal of the borrower by aligning with one for which it was.”
About Obduro Capital LLC – Located in North Liberty, Iowa, 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.