Remington Financial Group Raised $960,000 of Commercial Capital for Buyout
With its small loan service, Remington Financial Group began acquisition funding to secure buying retail property in the Raleigh, North Carolina market. Because of their ability to acquire funding for very difficult deals, the principal engaged Remington Financial Group to obtain funding for their first commercial investment property.
The individual borrowing the funds had a low credit score, no experience, and little overall net worth. A substantial real estate property had a sales contract at a very competitive price, though. Remington Financial Group was able to settle the deal due to the properties strength and the borrower’s seemingly good insight throughout the financial stage of the process. As a result, Remington structured $960,000 senior and mezzanine financing which represented a 95 percent LTV when combined with the seller financing which occupied a third mortgage position. A combined rate of 7 was used to supply senior and mezzanine financing. 3/4 spread over a period of seven years as well as 25 year amortization.
