Commercial Building – 9th Street St. Louis

Funded Project | Commercial Building

This client came to us to refinance her entire portfolio. In getting to know more about the client, we learned she was set to close on another commercial property she owned. In the discussion we learned the terms that the other lender was giving her and Prime Commercial Lending stepped in with a much better deal.

We were able to take her from 50% LTV with the other lender, to 70% LTV with us; this increased her cash-out by $1MM. We also decreased her interest rate by 3%, and decreased her fees by 3%. To top it off, we closed her out in just over 2.5 weeks during Christmas and New Year’s, which is a difficult time to close loans.

DETAILS

  • Borrower Name: Maxwell, LLC
  • Property Address: 225 N.9th Street, East St. Louis, IL, 62201
  • Asset Type: Commercial Building
  • Type of Loan: Refi, Cash-Out
  • Loan Amount: $2,520,000
  • 70% LTV

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