Coralville, IA, October 14, 2015 --(PR.com
)-- Obduro Capital LLC has successfully closed a $1,575,000 conventional mortgage secured by a 74-unit multifamily property located in central Texas. The 15-year, fully amortizing term loan carried an interest rate of 5.00% fixed for the life of the loan. Funding was provided by Randolph Brooks Federal Credit Union, with proceeds to be used for the rate and term refinance of a two-story, garden-style apartment complex owned by the borrower for over 10 years. The new mortgage reduces the borrower’s current interest rate by almost 100 basis points, and the 15-year amortization will put the borrower on a path to quickly build equity in the property.
“This deal had a number of unique challenges, most notably an out of state borrower, the request for a 15 year fixed rate loan, a property that was 35-40 years old, and the size of the loan in a non-metro area,” said Craig Perry, Obduro’s managing director. “When added together, these issues made it difficult for the borrower to find a conventional program that fit. We needed a local bank flexible enough to gain comfort with each facet of the deal, and through our nationwide network of lending partners, we were able to find that in RBFCU.”
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.