Saratoga Springs, New York (PressExposure) January 01, 2008 -- Principle Commercial Corporation today announced the closing of a commercial real estate mortgage loan on a Golden Corral restaurant property in Universal City, Texas. Principle was the mortgage broker of record on the $1,720,000 transaction.
Mame Noonan, Principle's account executive, said that the transaction represented a significant challenge to place due to the complexity of the financing needs. Said Noonan: "Unlike many transactions that have a single purpose, this loan was needed on several levels, including a mortgage refinance, equipment refinancing and a partnership reorganization." Fortunately, Principle's underwriting department had the expertise to address each issue, and with the lender, structure a loan that both accommodated the borrower and was acceptable to the Small Business Administration. The SBA provided a 75% guarantee to the lender, significantly mitigating the lender's risk.
Further complicating the loan request was the short time frame within which the financing needed to be consummated. The borrower needed to act quickly in order to best offers from other investors who were bidding on the real estate and business assets. Principle turned the deal around in less than the industry standard of 120 days by delivering a letter of interest from the lender in less than 3 weeks! Commented Pavlo Zaderej, senior underwriter for Principle: "Our commitment to quick client responses and strong lender relationships led to an immediate resolution of an otherwise difficult and time-consuming transaction."