As a commercial mortgage lender, we were approached by the owner of a retail property located in Richmond Hill, Queens. The property was a stand-alone building with approximately 5,000 square feet of space, and it was currently being used as a convenience store. The owner was seeking financing to purchase the property from the previous owner, who was looking to retire.
After reviewing the property and the owner's financial information, we determined that the owner was a good candidate for commercial financing. We offered a loan for the full purchase price of the property, with a fixed interest rate and a repayment term of 25 years.
The owner accepted our offer and used the loan to purchase the property from the previous owner. Following the sale, we worked with the owner to set up a payment schedule and ensure that the loan was repaid according to the agreed upon terms. The owner was able to successfully operate the convenience store and pay off the mortgage within the set time frame. Overall, it was a successful sale and financing for both the owner and our lending organization.