Christy Slye, a mortgage broker with RealWebFunds Commercial Mortgage, has announced that the firm recently closed $2,100,000 in commercial mortgage financing for the strip retail property most commonly known as the Neil Building" in Palm Desert, CA. The building, built in 1966, has been immaculately maintained and is home to many of the Valleys premier beauty salons and spa in the prime, upscale shopping district of Palm Desert.
(PRWEB) August 20, 2004 -- Christy Slye, a mortgage broker with RealWebFunds Commercial Mortgage, has announced that the firm recently closed $2,100,000 in commercial mortgage financing for the strip retail property most commonly known as the Neil Building" in Palm Desert, CA. The building, built in 1966, has been immaculately maintained and is home to many of the Valleys premier beauty salons and spa in the prime, upscale shopping district of Palm Desert.
The 17,750 square foot plaza is leased by seven tenants. The landlord was looking for a fixed rate commercial mortgage with cash-out and a lower interest rate.
Valley Independent Bank of Palm Desert, California was the lender. They provided a commercial mortgage with a 5 year fixed rate at 5.5%. The borrower has the opportunity to renew for an additional 5 years at the same spread over the five year constant maturity treasury. The loan dollars increased after the property was valued by the appraiser which provided cash out to meet the borrowers needs.
About RealWebFunds
RealWebFunds, Inc. (http://www.realwebfunds.com) is a national commercial mortgage loan broker for real estate projects between $500,000 and $20,000,000. 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.
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