|Blackburne & Sons Closes $340,000 Loan
Blackburne & Sons Realty Capital Corporation is pleased to announce the closing of a $340,000 first mortgage on a 10,374SF commercial building situated on a 1.75 acre site in Mt. Clemons Michigan.
When the market crashed, the vacancy rates in Michigan soared. As a result, our borrowers had difficulty finding a suitable tenant. The bank forced them into a forbearance agreement due to their construction financing loan covenants. The borrowers were offered a discounted payoff but due to their mediocre credit, relatively new tenant and a tax lien, they were unable to obtain traditional financing.
As a private money lender, we were able to look past some of the negative factors in this loan and offer the borrowers a product that allowed them to take advantage of the discounted payoff. Blackburne & Sons has an abundance of experience working with borrowers who have less than perfect credit. In addition, unlike many banks that require several years of operating history before considering a loan, we were able look at the financial advantages of the new tenant and factor those into our analysis.
|Need a Hard Money Commercial Loan?
Please call your loan representative below:
Tom Blackburne (George's younger son)
BLACKBURNE & SONS REALTY CAPITAL CORPORATION
Real Estate Broker - California Department of Real Estate | License Number 829677