A closing announcement like this is called a tombstone, and the purpose of any tombstone is to give mortgage brokers an example of the types of deals that a particular lender makes. The message we want to convey today is that Blackburne & Sons is still making new commercial loans, and we will even lend in the boonies!
We are pleased to report this $420,000 first mortgage closing, secured by a 6,500SF, 3-unit retail property located in Shelbyville, Kentucky. The borrower owns the subject property free and clear, and the purpose of the loan was to pull cash out in order to purchase other real estate, and add to the borrower's real estate portfolio.
For this loan, a 6-month payment reserve is being held back from the loan proceeds to assist the borrower with payments given the anticipated impact from the COVID-19 virus. Payments will be applied from this reserve each month, and once the 6-month reserve is exhausted, the borrower will be required to begin making monthly payments himself. Example: If the first payment on this loan is June 1, 2020, payments from June, 2020 through November, 2020 will be applied from the reserve, and the borrower’s first payment from his own funds will be due December, 2020.
Blackburne & Sons is a hard money commercial lending company that surprisingly makes permanent loans, rather than bridge loans. We syndicate the investment funds of about 900 private investors and use these funds to make permanent first mortgage loans on standing commercial properties. The company has been in business since 1980, so this is now our 40th year in business. The company currently services approximately 250 commercial first mortgage loans totaling approximately $50 million.
For more information, please call George Blackburne IV at 916-338-3232 ext. 314 or email him at georgeiv@blackburne.com.
