ValueXpress obtained a $1,500,000 conventional first mortgage loan commitment from its New York-based banking partner Country Bank to be secured by a 14,000-square-foot brick industrial building located in Brooklyn, NY. The bank intends to keep the loan in its portfolio. This loan, which will allow the client to purchase the property and further expand its business, is the second for this client; Country Bank also provided an SBA 504 loan secured by two other industrial properties located in Brooklyn, NY.
Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The company needed additional warehouse and office space based on its rapidly expanding business, and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, while the balance is exported, primarily to Guatemala.
“We were pleased to deliver this high-quality, well-located transaction to Country Bank,” Michael Sneden, Executive Vice President of ValueXpress, said. “The owner-occupant business generates over four times DSCR, and we anticipate this loan to be a high performer in the bank’s portfolio.”