BMC Capital originated a $2.4 million loan for the refinance of three Burger King restaurants in Texas
Dallas, TX -- (ReleaseWire) -- 12/14/2006 --BMC Capital announced on Thursday, December 14, 2006, that it originated a $2.4 million loan for the refinance of three Burger King restaurants in Texas. The properties are located in Weslaco and San Benito.
“The borrower had a previous loan that was based on a very high floating rate,” says Shawn Givens, a loan officer at BMC Capital’s Dallas headquarters. Givens originated a 60% LTV loan with a seven-year fixed rate. He also provided the Calif. borrower with a 25-year amortization on the loan. “The borrower was looking to cash out to pay off some other debts and to lower his monthly payments on the properties while still having the flexibility to be able to sell the properties at any time with a minimal prepay penalty,” says Givens.
BMC Capital is a leading lender for small-balance restaurant refinance loans nationwide and anticipates originating at least 50 such transactions in 2006.
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. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.