Blackburne & Sons Closes $725,000 Apartment Loan

Blackburne & Sons Realty Capital Corporation is pleased to announce the closing of a $725,000 first mortgage on a 36-unit apartment complex in Columbus, OH.

The Challenge

Due to the poor management by a prior manager, the property had incurred past due property taxes of $71,840. The property could not debt service the full amount of the payoff and pay off the deliquent taxes.

The Solution

Blackburne & Sons was very familar with these borrowers so we were very creative with our loan program. To start, we offered a monthly collection rate that was lower than the note rate (in other words, the loan is negatively-amortizing). In addition, we also created a 6-month interest reserve in order to help the property debt service. These two unique loan features allowed the property to debt service while still satisfying the first mortgage and delinquent property tax amount.

Need a Hard Money Commercial Loan?

Please call your loan representative below:

Alicia Gandy

Tom Blackburne (George's younger son)

Mick Carlson (Midwest)

4811 Chippendale Drive, Suite 101, Sacramento, CA 95841, 916-338-3232

Real Estate Broker - California Department of Real Estate | License Number 829677
NMLS #103430