RealWebFunds Secures $3,045,000 Investment Property Loan for a NNN Retail Portfolio

by Anonymous

September 19, 2004 -- RealWebFunds, Inc has closed a $3,045,000 investment property loan for of a portfolio of three triple-net properties. The portfolio consisted of three freestanding buildings: a Hollywood Entertainment in Virginia Beach, VA, a FedEx Kinko’s in Houston, TX, and a Payless Shoe Source in Freeport, NY. Wells Fargo Commercial Mortgage Group was the lender. Wells Fargo provided a 10 year fixed rate loan that was locked at the floor rate of 6.125% and was amortized over 30 years. The lender used a loan to value ratio of 75% with a debt service ratio requirement of 1.25. Christy Slye, Commercial Mortgage Specialist of RealWebFunds was the originator for this transaction.

The single tenant, triple-net retail properties are owned by a single entity, allowing the properties to be used as cross-collateral. This was helpful in mitigating shorter term leases at each property, allowing for a fully-leveraged loan without tax and insurance impounds or capital expenditure reserves. Securing one loan also made the process of working with one lender, Wells Fargo, and supporting vendors more efficient and cost effective.

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 recognized RealWebFunds with a Digie Award for being a leader and innovator in the Commercial Real Estate industry.

For More Information Contact:
Christy Slye
cslye@realwebfunds.com
888-314-3625 x117

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