Scotsman Guide > Commercial > Directories > March 2019

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Done Deals: March 2019

 

The following closed deals are advertised in this month issue of Scotsman Guide Commercial Edition.

Past Done Deals are in the archives. browse archives


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SCOTSMAN GUIDE LEAD
RCN Capital
South Windsor, CT
Contact: Stephen Ballard  |  860-479-6399  |  sballard@rcncapital.com
Property Photo   Property: Single-family home
Purpose: Purchase
Loan Amount: $63,000
Location: Houston, TX
Date Funded: November 2018

Experienced investors who own five additional rental properties were looking to purchase the subject property using RCN’s short-term rental loan. RCN was able to provide a two-year loan at 70% of the purchase price. The investors plan to refinance prior to the end of the loan term.


SCOTSMAN GUIDE LEAD
Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  425-455-1733  |  jodegard@sfgfunds.com
Property Photo   Property: Multifamily
Purpose: Construction
Loan Amount: $2,500,000
Location: Canoga Park, CA

Ground-up construction of a 9-unit multifamily project in Canoga Park, Los Angeles. Well suited for the proposed project in a solid infill location, the plan included the demo of existing, economically obsolete improvements and ground-up construction of 4 stories over semisubterranean parking.

SCOTSMAN GUIDE LEAD
Seattle Funding Group Ltd.
Bellevue, WA
Contact: John Odegard  |  425-455-1733  |  jodegard@sfgfunds.com
Property Photo   Property: SFR
Purpose: Refinance
Loan Amount: $3,475,000
Location: Laguna Beach, CA

Located across the street from the ocean, this terrific spec SFR was built with attention to detail in both materials and craftsmanship. With the construction loan maturing, the builder/developer approached SFG for a bridge loan to refinance the matured debt while marketing the property.

Sharestates
Great Neck, NY
Contact: Michael Ramin |  212-201-0750  |  michael@sharestates.com
Property Photo   Property: Single family
Purpose: Purchase
Loan Amount: $2,562,000
Location: Park City, UT

Sharestates recently funded a beautiful single-family property in Park City, UT. The borrower acquired the property as a “fix & flip.” Once the property is complete they will list property for sale.

South End Capital Corp.
Wilton, CT
Contact: Myron Alford |  617-334-7718  |  myron@southendcapital.com
Property Photo   Property: Bar/restaurant
Purpose: Cash-out refinance
Loan Amount: $500,500
Location: Asheville, NC
Date Funded: January 2019
Broker Fee: $15,015

This borrower needed a fixed rate mortgage for his bar/ restaurant but wasn’t SBA eligible because he couldn’t provide tax returns. We funded a 5 yr. fixed, 30 yr. amortized loan at 9%, with $230K of cash-out and we didn’t require tax returns. Our high-volume referral partner earned a 3% referral fee.



 

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