|Gomberg Financial arranges Fannie Mae 82% LTV purchase loan
Gomberg Financial arranged the financing for the purchase of a 53-unit apartment property in Lynn MA. The purchase price was $2.915M and the loan was for $2.4M which equals 82.3% LTV. The interest rate of 4.4% is fixed for 10 years, amortized over 30 years and is non-recourse to the borrower.
Adding complexity to the deal was obtaining a waiver from Fannie Mae so the borrower could carve out a piece of land on top of the hill behind the property that the buyer anticipates building on in the future. The total legal fee to accomplish this from Fannie-Mae was only $9,500. We also had to get a variance to get the proper number of units legalized and upgrade the smoke and sprinkler certificates for the Fire Dept.
|Gomberg Financial advises on Fannie Mae loans
Gomberg Financial recently worked with a client to refinance three apartment buildings in Lynn MA with a Fannie Mae lender. We reviewed all loan documents and helped negotiate more favorable terms on several issues such as pre-payment penalty and required holdbacks/escrows. Our in-house Underwriter also assisted the borrowing in preparing his loan application financial package.
Our expertise in Fannie Mae loans has been acquired over the years through our previous relationship as a correspondent for LaSalle Bank and by closing over 150 Fannie Mae loans.
|Gomberg Financial Facilitates sale of Worcester Mill
Gomberg Financial Services is pleased to announce that we acted as a Financial Advisor in helping the buyer and seller negotiate this purchase transaction. The subject property located in Worcester MA is a U-shaped Mill complex containing over 300,000 square feet. The complex, also known as Legacy Mill, has been approved for the development of 191 residential units. The project has received preliminary approval from both the Federal and State National Landmark Registration Office.
The buyer, Brady Sullivan Properties of Manchester NH, has over 20 years of experience converting Mill complexes throughout New England. They have successfully converted dozens of mill properties into commercial and residential units. They expect to break ground on this project in early spring of 2012.
The seller, VTT Properties of Framingham MA, is one of the country’s fastest growing owners of Apartment Buildings with close to 5,000 units nationwide. Part of their impetus for selling the Mill was to focus on purchasing existing properties rather than starting this project from scratch.
Gomberg Financial Services becomes correspondent with Fannie Mae lender
GFS has become a correspondent with a Fannie Mae lender that we previously closed about 50 commercial loans with. We both feel that the smaller markets around the country offer the greatest potential for buisness because they are under capitalized. We lowered the closing costs and streamlined the time for closing loans to 45 days.
Gomberg Financial Services receives four loan approvals from new Nationwide lender
Two refinance loans for apartment buildings in Hartford CT, a refinance loan for a mixed-use building in Manchester CT and a refinance loan for a mixed-use building in Concord NH. Interest rates range from 5.81-6.5%
Warren Gomberg purchases two apartment buildings in Gloucester, MA
purchased both properties as distress sales for a total of $530,000.
Warren Gomberg sells long-term interest in Boston's "Restaurant Row"
Gomberg Report to add retail office and industrial properties.
Warren Gomberg catches large Trout up in Vermont. Click here to check it out.
Delaware, Iowa, Kansas, Maryland, Missouri, West Virginia and Wisconsin properties have been added to the Gomberg Report
Request a "Quick Analysis" of a potential purchase of refinance nationwide
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Ohio, Indiana, Tennesse, Kentucky and Pennsylvania properties have been added to the Gomberg Report
We are pleased to announce that we added apartment listings in these select five Mid-western states to the Gomberg Report.
GFS announces formation of Gomberg Lending LLC
We are now a direct lender for 4 great loan programs
GFS closes $9,000,000 purchase loan
Subject property is a 355-unit luxury apartment complex in Indiana
New Express Financing Program offers best rates
Your alternative to the high fee Three Max Express
Who are the people behind the Gomberg Report?
They compile and update all the property listings
New Mezzanine program offers 85% LTV financing
Available for Multifamily loans over $1,000,000
Gomberg Financial closes 300th commercial loan!
Our 300th commercial loan funded on Dec. 30th
Ten percent down purchase financing available
An "A" lender now offers an option to buy with only 10% down
A "Day in the Life" of a GFS employee
Do we work our staff too hard?
Check out our "Preferred R.E. Brokers"
A listing of the leading Commercial Real Estate Brokers in New England
GFS occupies new office building
After 3 months of renovations we move into our own building
Warren tells another big fish story
It took Warren almost a year to top Jeana's catch (see Sept. 2003)
Interest rate for 10 year term under 5%
With interest rates on the rise, consider this the "good old days"
Warren gets out fished by his girlfriend
Novice fisherwoman outshines the more experienced Gomberg
100-unit purchase loan in New York state
$2.24M loan fixed for 10 years
New West Coast program offers rates below 5%
Debt Coverage Ratio of 1.15% on 30-year amortization
Interest rate of 5.07% fixed for 10 years
$1.2M refinance loan
Mother and Child Reunion
Honey, our new office greeter, had an emotional reunion with her son
24-story apartment building purchase financed
Complex deal involved 5 separate transactions
$1.36M loan with an interest rate below 5.5%
80% LTV for purchase of 27-unit apartment building
New ARM program with Great Rates
Up to 80% LTV available
New employee welcomed to our team
After an extensive national search we found the perfect fit
$2,850,000 loan with an interest rate below 6%
Fixed for 10 years and amortized over 25 years
Warren got a new hobby this summer
As a result, he used a lot more napkins
36-unit property purchased with 10% down
GFS client puts $130,000 down for a $1,350,000 purchase
GFS closes $3,800,000 purchase loan
Loan was for 74-unit purchase and rehab, plus additional collateral
Buy Commercial Real Estate with 10% down
New program allows secondary financing up to 90% CLTV
40,000 sq. foot retail and office bldg.
$1,575,000 loan for downtown Framingham property
$2.5M commercial construction loan
To be used for 10-house subdivision in Hingham, MA
80 units acquired with a rate of 7.1%
Fannie Mae 5/50 program offers great rates.
GFS originates financing of 90 apts.
90 units in Lynn, MA were purchased for $2.1M
Matty Gomberg out-fishes his father
Warren's 12-year old son caught a 41-inch Striped Bass.
GFS closes Fannie Mae 5/50 loan
We recently closed our first 5/50 loan with a rate below 7.5%.
Warren Gomberg reels in big fish
Warren recently caught a nice-sized Striped Bass off the coast of Marblehead Neck.