Christy Slye, Mortgage Broker with RealWebFunds, Inc., has announced that the firm recently closed $1,850,000 in restaurant financing debt for the Souplantation restaurant building in Temecula, California.
(PRWEB) June 23, 2004 -- Christy Slye, Mortgage Broker with RealWebFunds, Inc., has announced that the firm recently closed $1,850,000 in restaurant financing debt for the Souplantation restaurant building in Temecula, California.
The 8,562 square foot restaurant built in 2000 at the Promenade Mall is leased by Garden Fresh Restaurant Corp. DBA Souplantation. This non-credit tenant is currently in the third year of a 20 year NNN lease. The landlord was looking for a lower fixed rate, non-recourse, commercial mortgage with cash-out.
The restaurant loan was funded by Valley Independent Bank of Palm Desert, California with a 5 year fixed rate at 5.5% with the opportunity to renew for an additional 5 years at the same spread over the five year constant maturity treasury. The loan was made non recourse with cash out to meet the borrowers needs.
About RealWebFunds:
RealWebFunds, Inc. (www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects over $500,000. RealWebFunds is known for encouraging competition among commercial mortgage lenders to find the best commercial real estate financing available. Our commercial loan experts and Internet based commercial financing tools result in a service that is unmatched in efficiency, speed, and financing terms. In 2003, RealComm (http://www.realcomm.com) recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.
For More Information Contact:
Christy Slye
cslye@realwebfunds.com
888-314-3625 x117
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