At Stronghill Capital, we close deals quickly through a result-oriented process that is driven by our strong team of veteran real estate professionals.
Take this Stronghill Spotlight as an example:
We recently closed a $9,600,000 cash-out refinance of an 11-unit retail property in East Elmhurst, NY. The property, located on Astoria Blvd. only one-half mile from La Guardia International Airport, is well positioned in the borough of Queens. Because of a unique tenant mix, which includes a bagel shop, bar & grill, coin laundry, pizza restaurant, and salon (to name a few), and 100% occupancy, Stronghill was able to provide long-term fixed-rate financing. Additionally, the borrower, who has owned the property since 2004, was able to satisfy a maturing high-interest mortgage, lowering his rate by 200bps.
- Loan Type – Cash-Out Refinance
- Property Type – Retail
- Loan Amount – $9,600,000
- Fixed Interest Rate – 7.00%
- Term – 10 years
- Amortization – 30 Years
- LTV – 60%
- DSCR – 1.27x
- Debt Yield – 10.16%
- Broker fee – $216,000
A quality property and an experienced, financially strong sponsor were key factors to success. Stronghill’s ability to close resulted in the broker earning over $200,000!
At Stronghill Capital, we always act in the best interest of our brokers and their borrowers. Discover more about “The Stronghill Advantage” and see how we can help you close more loans by contacting one of our originators today.