Coralville, IA, May 31, 2015 --(PR.com
)-- Obduro Capital LLC has successfully closed a $2,965,000 SBA 7(a) loan secured by an 82-unit flagged hotel property located in Calumet City, IL. The 25-year fully amortizing loan carried an interest rate of 6.00%, adjusting quarterly. Funding was arranged through Ridgestone Bank LLC.
Financing for this transaction was provided to a partnership which included a foreign national borrower whose business ownership and management was a condition of being awarded a E-2 Investor’s visa by the U.S. Government. Proceeds from the loan included funding for working capital and property improvements.
“Not many lenders were familiar with the loan structure required to satisfy SBA lending requirements to a non-U.S. citizen – not to mention one that would allow the borrower to simultaneously get his E-2 visa, and certainly not at the elevated leverage that we were able to provide,” said Craig Perry, Obduro’s managing director. “By working with Ridgestone, we were able to craft a creative solution that allowed the minority partner to not only acquire a new business, but give him a path to American citizenship as well.”
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.