Coralville, IA, March 26, 2016 --(PR.com
)-- Obduro Capital LLC has successfully closed a $1,265,000 SBA 7(a) loan secured by medical office property located in Dayton, OH. The 25 year fully amortizing term loan carried an interest rate of 6.00%, adjusting quarterly. Funding was through Ridgestone Bank LLC, with proceeds to be used for the purchase of an owner-occupied property in which the borrower’s dentistry business had resided since 2010.
“This was a critical step for our client to take in order to improve their cash flow and clear up some lingering credit issues”, said Craig Perry, Obduro’s managing director. “By purchasing the building, the borrower was able to save several thousand dollars each month compared to what they were paying in rent, and will now start building equity in the property as well. Ridgestone Bank took the time to understand the obstacles the borrower was facing, while also considering their successful dental practice and its continuing prospects for growth. By working together to devise a creative funding solution, we were able to provide the client a path where they can now focus on the business itself rather than financial issues which had been a burden on both their time and bottom line.”
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.