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$600,000 Discounted Note Pay-Off
Posted by Commercial Loans in Commercial Real Estate, Recent Closings
Location: North Aurora, IL
Type: Declining property values and a slower lease up time then expected put this borrower in a financial bind. He owed $1.6 Million and the property only appraised for $1 million. Unable to make the payments, the bank offered him a deep discount but no one was willing to finance a guy who had not made a payment in almost a year. But we stepped in with our own private financing and got him $600,000! The bank accepted it and the transaction closed in less than 30 days. In total, this borrower saved $1.1 million in principal and more importantly, this loan saved the property. If you are in a bind, give us a call at 310 456-1056 – we just may be able to help!
