Dallas, TX -- (ReleaseWire) -- 04/05/2007 -- BMC Capital announced on March 26, 2007, that it originated a $654,000 loan for the acquisition of Palm Springs, a 24-unit apartment complex located at 300 30th Street East in Austin, TX.
“The borrowers were first time buyers looking to secure financing to acquire the 24-unit apartment building, and BMC Capital was able to arrange for a 5-year fixed rate mortgage at a loan-to-value of 65% amortized over 30 years. The loan also featured a 2-year prepayment penalty,” says Patrick Short, a Loan Officer at BMC Capital’s Austin office.
BMC Capital is a leading lender for small-balance multifamily loans in the Southwest and anticipates originating at least 150 such transactions in 2007.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality mortgage loans in the $500,000 to $5 million range, with funding capabilities up to $100 million per loan transaction. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.