Dallas, TX -- (ReleaseWire) -- 04/11/2007 -- BMC Capital announced on April 2, 2007, that it originated a $2,800,000 loan for the refinance of Timber Run Apartments, a 96-unit apartment complex located on Alexis Road in Toledo, OH.
“Tenants are paying month-to-month leases and the borrower needed to secure financing for cash out refinance of the property in order to start a new multifamily project,” says Gavin Pike, a Vice President at BMC Capital’s Toledo office, “and we were able to arrange for a 5-year fixed rate on an 80% loan-to-value mortgage with a 30-year amortization.”
BMC Capital is a leading lender for small-balance multifamily loans in the Midwest 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.