Frequently clients come to MortgageDepot with specific financial needs that accompany their ambitious goals of home or business ownership. Such was the case when a client wanted to finance a newly constructed commercial property that is a daycare center. Mortgage loan originator Ruben Benjaminoff sourced a unique financing opportunity for the client.
This unique financing opportunity was necessary to overcome the many factors that could have been obstacles to obtaining a mortgage for the property, located on Main St. in Kew Gardens Hills, Queens, NY. Principally, the fact that there were no tenants in the newly constructed building was its first challenge. Add to the fact that the appraisal came back at a maximum amount of 6.5 million dollars. And critically, there’s the issue of liability for this space as it’s a daycare center for minor children.
Ruben was able to successfully secure a commercial mortgage by structuring and presenting the loan accurately to the lender, addressing all their benchmarks for the client to qualify for the mortgage in the final amount of $2.2 million dollars.
The professional efforts of a mortgage loan consultant on your behalf may determine whether or not you’re able to obtain a mortgage that suits your needs. We here at MortgageDepot will work diligently to match your financial circumstances with the best mortgage product available to suit your needs. When you need a commercial mortgage; contact us, and we’ll do what we can to pre-qualify the property.