MortgageDepot Loan Officer Boris Bast successfully assisted a client with the purchase of a 15,680 Square foot fully occupied shopping center featuring fourteen retail stores with additional commercial, office, and restaurant space. Located in Ballston Spa, New York, in Saratoga County, and it was secured with a mortgage of $715,000.
As with most lengthy negotiations, terms are subject to change, and this was the case with securing this particular mortgage loan. During the loan process, mortgage rates fell and were re-negotiated. Add to that fact, and there was also a separate structure that needed extensive rehab included in the total square footage of the property.
Boris was successful in his efforts to renegotiate the mortgage and secured a 30 year fixed rate loan with no adjustable-rate and no balloon payment. The lender required no reserves, and the buyer was able to obtain this mortgage without presenting tax returns or financials to the lender and was qualified based on the current leases held by the retail spaces located within the property.
And this complex loan process was initiated with the nominal flat fee of $500! This nominal fee is standard for every loan application started by the Mortgage Loan Officers of MortgageDepot. Contact us today to secure that mortgage for your business or new home.