Alamo, California (EastBayDaily) — RealWebFunds, an internet-based national commercial mortgage broker, announced that it has provided a $1.25 Million apartment loan to a multi-family investor partnership. The loan was collateralized by a 18,380 square foot one, two, three, and four bedroom, 15-unit apartment building in Waco, TX. The apartments are rented by Baylor University students.
“Student housing is often more difficult to finance.” said Christy Slye, Commercial Mortgage Specialist, RealWebFunds, Inc. “In this case our borrowers purchased a building not specifically built as dormitories and wisely, they require parental co-signatures on the leases.”
The borrowers’ goal was to refinance higher rate bank loans with fixed, long-term financing. RealWebFunds closed the small balance conduit loan on June 6. The small balance conduit loans have lenders’ costs fixed and include third party reports and lender’s legal costs. Having a fixed cost program while maintaining low, competitive spreads makes the small balance programs user-friendly for first-time conduit borrowers. The spread on the 10 year fixed rate was 145 basis points (1.45% over the 10 year US Treasury).
RealWebFunds, Inc. (http://www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects between $1,000,000 and $20,000,000. RealWebFunds is known for encouraging competition among commercial mortgage lenders to find the best commercial real estate financing available. Our commercial loan experts and Internet based commercial financing tools result in a service that is unmatched in efficiency, speed, and financing terms. In 2003, RealComm (http://www.realcomm.com) recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.