Location: Shawnee Mission, Kansas
Property Type: Office
Loan Type: Renovation 5-year adjustable
Loan Term: 10-years
The loan $1,300,000 secured by a multi-tenanted office building carried a 5-year fixed rare with a 15-year amortization with no prepayment penalties. The client was considering adding an addition to the above loan amount the lender provided the option to borrow an additional $423,000 for these improvements. It was important to the client that the new loan have flexibility and additional proceeds available should the client wish to complete the expansion.