Abel Funding recently closed a $1,745,000 loan for a group of investment properties located in Northern Virginia.
Abel Funding was capable of supplying the borrower with a blanket loan for 17 single family homes as part of their investment real estate business.
The borrower was looking for a lower rate than the current 11% hard money loan they had available. Further more, the borrower’s needs required more of a stated income type loan rather than hard money financing.
Abel Funding was able to secure a Stated Income Commercial Loan for the borrower with a 5.84% interest rate and a 10 year mortgage on all of the borrower’s 17 properties.
The borrower was very reluctant to move forward as they did not think it was possible that Abel Funding was able to provide them what exactly they desired.