A closing announcement like this is called a tombstone, and the purpose of any tombstone is to give mortgage brokers an example of the types of deals that a particular lender makes. The message we want to convey today is that Blackburne & Sons is still making new commercial loans, and we will even lend on portfolios of condos or SFR's.
Blackburne & Sons is pleased to report this $700,000 first mortgage closing, secured by 24 residential condos in Tampa, Florida. The borrower already owned the subject properties, and the proceeds of this loan paid in full a recently matured note in the amount of $480,000 that was being serviced by Blackburne & Sons and to provide cash-out to purchase additional investment properties.
For this loan, a six-month payment reserve is being held back from the loan proceeds to assist the borrower with payments, given the anticipated impact from the COVID-19 virus. Payments will be applied from this reserve each month, and once the six-month reserve is exhausted, the borrower will be required to begin making monthly payments himself.
Along with the six-month payment reserve, this loan is also supported by the borrower’s seasoned payment history. What does this mean here? This borrower has been a client of Blackburne & Sons since 2011 and has a consistent payment record with our office.
Blackburne & Sons is a hard money commercial lending company that surprisingly makes permanent loans, rather than bridge loans. We syndicate the investment funds of about 900 private investors and use these funds to make permanent first mortgage loans on standing commercial properties. The company has been in business since 1980, so this is now our 40th year in business. The company currently services approximately 250 commercial first mortgage loans totaling approximately $50 million.
For more information, please call Alicia Gandy at 916-338-3232 Ext. 310 or email her at gandy@blackburne.com.
