Coralville, IA, August 03, 2016 --(PR.com
)-- Obduro Capital LLC has successfully closed a $1,500,000 conventional non-recourse mortgage secured by single-tenant retail property located in Sarasota, FL. The 10-year term loan carried an adjustable interest rate of 3.24%, amortized over 25 years. Funding was provided by Fidelity Bank, with proceeds used for the purchase of newly constructed freestanding property leased for 15 years to Advance Auto.
“Non-recourse conventional mortgages can be hard to come by in today's market, with community banks often unwilling to offer them and CMBS not a preferred option for all borrowers,” said Craig Perry, Obduro’s managing director. “In this case, however, we were working with an extremely strong borrower who had a credit tenant on a long-term lease in a brand new building at a great location. Through our network of partners who can lend across the U.S., we were able to deliver attractive terms that worked for the client within the time frame he needed to close the deal.”
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.