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August 2002

36-unit property purchased with 10% down

Gomberg Financial Services of Marblehead, MA is pleased to announce that we have arranged a 1st mortgage in the amount of $945,000 for the purchase of a 36-unit apartment building located at 38-44 Catherine St. in Worcester, MA. The purchase price was $1,350,000 and the borrower only put 10% down with no additional collateral required. The seller of the property took back a 2nd mortgage of $275,000.

The term of the loan is 15 years and the interest rate, fixed for the first two years, is in the high 7's. This 10% down program is available for most types of income producing property.  Loan amounts may range from $150,000 to $6,000,000.

38-44 Catherine St., Worcester, MA