Defiance, OH -- (ReleaseWire) -- 07/13/2006 --BMC Capital announced that on Friday, June 30, 2006 it originated a $1,700,000 loan for the purchase of Carter East Apartments, a 64-unit complex with almost 48,640 rentable sq. ft. that sits on 3.7 acres, located at 530-534 Degler in Defiance, Ohio, a city in the western part of the state. The loan represents 85% of the purchase price and has a 10 year fixed rate in the mid 7% range with a 30 year amortization.
“Many individuals looking into class B and C properties, especially those seeking refinancing, in small markets, would be hard pressed to get similar financing terms locally,” says Gavin Pike, BMC Capital’s Toledo-based vice president. “85% LTV is something BMC Capital can offer to give these investors more flexible options.” Pike coordinated the financing for the purchaser of the property. Dick and Bruce Smenner from ReMax Central Group represented the seller in this transaction.
BMC Capital is a leading lender in the Ohio market and anticipates originating at least 50 transactions in the state this year.
About BMC Capital, LP
BMC Capital, LP is the country’s leading provider of multi-family, retail, commercial, and SBA mortgage loans in the $500,000 to $5 million range. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 States.
For more information on BMC Capital, contact:
4514 Cole Ave, Suite 750
Dallas, TX 75205