Client: Attorney John McGuire from McGuire & McGuire in Worcester MA. The loan request was to purchase the family vacation home from his brother in Falmouth MA. Attorney McGuire had been paying the mortgage for over a year, and wanted to see what options he had as a buyer of the property.
Action: We ran a Tri–Merge credit report on Attorney McGuire to see what options were available. Once we reviewed the credit report, we knew there was a chance we would be successful in creating the lending opportunity Attorney McGuire needed.
Result: We interviewed and negotiated with several traditional banks. At the time Attorney McGuire was paying a rate of 6.58% on a Jumbo Mortgage of $850,000 with a 30 year amortization schedule. We continued the necessary steps at finding the best rate and term for our client, and banked the request with a community bank which kept the loan in house. The product was a 30 year mortgage with a fixed rate of 4.50%. Saving of $110,000 in the first years of the mortgage.
"Recently I had a complex residential real estate deal which required financing. When no one else seemed to be able to identify a lender, Gene was able to do so, and got the deal closed. He literally would not rest until he was able to solve the problem."
– John K. McGuire, Jr.
McGuire & McGuire, P.C.
Client: Dr. Sarwat Hussain head of radiology at U Mass Medical Center. Client was purchasing a commercial building, mixed use investment property, in Worcester for $1.8 Million.
Action: We interviewed several banks and was able to obtain the best rate and term for Dr. Hussain. Several lenders were between 75 -125 basis points over the rate which we were able to secure for 5 years. Real Estate loans are typically based on 5year term and a 20 year amortization schedule with an adjustment after 5 years based on the FHLB rate.
Result: We were able to secure a rate of 3.75% for the first five years and an adjustment of 175 basis points over the FHLB after 5 years with a 15yr term. We were able to save Dr. Hussain over $40,000 in the first 10 years of the loan.
"We turned to Gene to finance a mixed use property priced at approx. $1.8Million. He diligently scoured the marketplace for best rate/term and closed the transaction with minimal work for us and our client. CBS's customer service and negotiating skills are exemplary. We keep coming back!"
– Christopher R. George, Pres.
George & Co.
Client: New Tek Design Group. The initial problem was both cash flow and collateral shortfall which was unacceptable for most traditional lenders. The amount of the loan request was $275,000.
Action: We search several lenders which would mitigate the risk of the loan request. We located an SBA lender that specialized in business loans from $50,00- $350,000. The loan is in the final underwriting stages with adequate cash flow, and the collateral shortfall was mitigated by the SBA 7A program. New Tek received a ten year term loan as opposed to a 5 year term loan from most traditional lenders, freeing up and increasing cash flow by $25,000 annually, $250,000 for the life of the loan. Client was able to stay focused on growing his business.
Result: The loan request in the final review process. We obtained a commitment letter from the bank finally closed and booked the loan for $275,000.
"Gene's years of experience in the banking industry have been instrumental in helping New Tek Design Group navigate the ins and outs of obtaining an SBA loan to help grow the company. Gene's background ... allows him the insights to what a business owner is up against in today's uncertain economic climate which is vital in the loan process."
– Marc Euler
New Tek Design Group