Coralville, IA, March 05, 2015 --(PR.com
)-- Obduro Capital LLC has successfully closed a $3,580,000 conventional mortgage secured by a 42-unit retail strip center located in Durham, NC. The 10-year term loan carried a fixed interest rate of 5.96%, amortized over 25 years. Funding was provided by ReadyCap Commercial LLC.
“Our client’s mortgage had actually come due in June 2014, and they were in maturity default. Additionally, they had experienced some credit challenges in the past and the property had a lot of deferred maintenance, but it was near full occupancy and showed solid cash flow,” said Craig Perry, Obduro’s managing director. “Given the urgency of their situation, the borrower originally came to us hoping to avoid foreclosure and expecting hard money terms. We saw things differently, and were able to deliver permanent financing inside of 6%.”
The loan will be used to refinance and renovate two adjacent retail strip center properties, the oldest of which has been under the same ownership for almost 30 years. The new mortgage provides for the consolidation of three mortgages, reserves for major restoration to the properties, and additional cash to buy out a shareholder.
“There were a number of issues that had to be worked through, but these were good people who just needed an opportunity to set some positive events in motion in order to put themselves and their property back on solid footing,” Perry stated. “Fortunately, we were able to structure a solution and align them with one of the few lenders in the country who would have been able to deliver in a situation like this.”
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 community banks. 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.