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 often lend on Mobile Home Parks, even in rural areas.
Blackburne & Sons is pleased to report this $357,500 first mortgage closing, secured by 10-pad mobile home park in Bishop, California. The borrower used most of the loan to payoff his current mortgage, and the rest of the funds were used for minor park repairs (4 homes are park-owned).
This closing did not come without some hurdles we had to negotiate. The title companies available to us in this rural area made it difficult to close quickly. As a result, we were forced to change title companies multiple times throughout the closing process. But we were able to overcome the challenges to get the deal done and make our borrower happy.
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 Alicia Gandy at 916-338-3232 Ext. 310 or email her at gandy@blackburne.com.
