Coralville, IA, March 03, 2016 --(PR.com
)-- Obduro Capital LLC has successfully closed a $920,000 conventional mortgage secured by a 32-unit multifamily property located in Fayetteville, NC. The five-year term loan carried a fixed interest rate of 4.25%, amortizing over 25 years. Funding was provided by Branch Banking & Trust Company (BB&T), with proceeds to be used for the purchase of a garden-style apartment complex.
“This was the first multifamily purchase for our client, and their lack of previous experience in the asset class made it difficult for many lenders to consider the loan request,” said Craig Perry, Obduro’s managing director. “On the other hand, the property was in a unique location and had a very strong operating history. BB&T was able to take these positive factors into account while recognizing the established business experience of the borrowers in the community, and stepped forward to provide a source of local funding that met the clients’ needs perfectly.”
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.