December 3, 2020
Mag Mile Capital’s Matt Weilgus and Rob Bernstein completed a $4,200,000, 10-year fixed-rate refinance on behalf of the owner of an industrial property at 152 Tuckahoe Ln., Southampton, NY.
“The borrower’s original lender had to terminate the refinancing for COVID-19-related reasons with their overall loan portfolio,” said Weilgus. “We quickly had to pivot, but we were able to source a new lender, despite the challenging environment, and ultimately secured more attractive terms than original lender offered.”
Bernstein added, “In the end, the borrower received a dramatic improvement on his interest rate and some cash out to reinvest in the property and his existing construction business.”
The $4.2-million loan for the warehouse / office property was closed at 72% loan-to-value and at a fixed interest rate of 3.875% for seven years with rate reset for years eight to 10. The loan by a balance sheet lender also includes no prepayment penalties.
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