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4/08/15
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David Hamilton, Vice President in Pacific Southwest Realty Services’ San Diego office, has arranged a $2.95 mil loan secured by a medical office building in Modesto, CA.
The new fixed-rate loan has a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate is 3.70%.
There is no pre-payment premium and the only lender fee was $2,500 for processing. The loan, arranged through a credit union that PSRS represents, funded in 35 days.
Commenting on the transaction, Hamilton said, "The lender approved the loan based on strong tenant financials and a new 10-year lease with options to extend."
Pacific Southwest Realty Services, founded in 1972, is a servicing correspondent lender for nearly 20 life insurance companies. The company has four offices in Southern California and a servicing portfolio in excess of $5 bil.
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