ValueXpress closed a $1,750,000 first mortgage loan and a $1,400,000 SBA 504 second mortgage loan secured by two industrial properties located in Brooklyn, New York. Gary Unkel, who originated the loan on behalf of a long-time client, commented, “The company needed additional warehouse and office space based on its rapidly expanding business and the SBA program was perfect, providing overall 90% financing for the $3,500,000 purchase. The low down-payment allowed the business owner to use more working capital to expand the business.” 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. The blended interest rate on the loan approximated 6%.
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