Urban Commercial Mortgage provides $4.26MM Loan for a Multi-Family complex in Houston, Texas
July 23, 2008 (PRLEAP.COM) Business News(PRLEAP.COM) Houston, Texas - Urban Commercial Mortgage announced that it originated a $4.26 million loan for HGC Properties to refinance a 140 unit apartment complex. The recently repositioned property is located close to the Houston central business district.
Steven Flemma, VP Urban Commercial Mortgage, originated the 70% LTV loan, which features a 5-year fixed-rate term with a 20-year amortization. "The borrower wanted a loan structured for the capture of capital improvement equity, using the cash-out to invest in a new multi-family project, with financing being structured by Urban Commercial Mortgage." says Steven Flemma.
Urban Commercial Mortgage is a leading lender of small-balance Multi-Family loans nationwide and anticipates originating at least 20 such transactions in 2008.
About Urban Commercial Mortgage
Urban Commercial Mortgage a leading specialist in providing multi-family, retail, commercial, and SBA mortgage loans in the $500,000 to $15 million range. Headquartered in Houston, Urban Commercial Mortgage finances real estate in all 50 States.