Newcastle Financial, a leading nationwide commercial mortgage lender, has completed $2.94MM refinancing of a 14,200 square foot, multi-tenants office building in Hackensack, NJ and provided long term capital to ensure stable and successful borrower's business operation.
Hackensack NJ (PRWEB) April 20, 2010 -- Newcastle Financial, a leading nationwide commercial mortgage lender, has completed refinancing of a 14,200 square foot, multi-tenants office building in Hackensack, NJ and provided long term capital to ensure stable and successful business operation for borrower.
The office building was originally acquired six years ago. The borrower, whose business occupies part of the office building, had faced a major credit squeeze and unable to obtain a renewal of their business credit facility from their existing lender despite their 20 plus years banking relationship with the same institution. This presents some significant challenges for borrower's business operation.
Upon investigation, Newcastle Financial believed Hackensack NJ to be a solidly business area in Northern New Jersey with much upside. “While there are some declining property values in the area, we felt that occupancy for commercial properties in the area is above average and much better than what is being seen throughout the country during this recession” said Victoria Alberto, Managing Director of Newcastle.
Although the borrower had received some offers, other lenders were able to deliver only a loan amount of significantly less than what was required. Newcastle Financial was able to provide credit facility of total loan amount of $2,940,000, which was higher than borrower best estimate, at 70% LTV for long term loan and 106% CLTV for combined credit facility, and at an attractive interest rate in the mid 6’s, fixed for five years for a total term of 20 years. The loan was arranged by Newcastle’s New Jersey office.
“This was referred by an existing client of ours,” added Ms. Alberto, “who came to us after hearing about Newcastle's flexibility and history in loan approval in the past from several other Newcastle clients. The client had a good business despite decline in revenue as a result of severe recession." Newcastle Financial was able to deliver as promised, and was able to have the loan approved and closed within a short period of time.
According to borrower, "We have been fortunate to have Newcastle Financial assist us in securing new commercial and real estate financing needs. The qualify of service and assistance were excellent and we were extremely impressed with personal attention given to the smallest details, which allowed a seamless transition to new bank facilities."
Newcastle Financial is able to fund projects that other lenders may not be able to take on, due to its innovative and personal approach that goes beyond the bottom-line numbers. Newcastle Financial can be reached at 877-877-0946, via email info(at)newcastlefn(dot)com or by click here to complete short form for any loan request.
About Newcastle Financial:
One of the most innovative nationwide commercial real estate lenders in the business, Newcastle Financial cuts through the complexities and gets to the heart of the deal. Newcastle’s experienced staff understands that each situation is different, and requires a flexible approach. While Newcastle’s underwriting experts take advantage of the latest technology, they also take the time to look at what’s behind the numbers, and understands every aspect of a project. Newcastle Financial offers competitive financing for multi-family investment properties, and commercial properties in all 50 states. Newcastle Financial can be found on the web at http://www.newcastlefn.com.
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