Two decades of Real Estate Financing Experience
Medical Office Construction
First Financial Bancorp (FFB) successfully placed a $7,515,000 construction loan on a 36,000 sqft Medical Office Building in Pflugerville, Texas.
Financing was based on 70% loan-to-cost at a rate floating 1-month SOFR plus 2.50%. Other elements of the deal featured interest-only payments during construction and an interest reserve account for the 24-month construction period. The deal also includes (2) two free 90-day extension provisions, if necessary. FFB negotiated a moderate .25%bps origination fee to the lender and a minimal $7000.00 3rd party reporting deposit. Loan was completed in 60-day timeframe.
FIRST FINANCIAL BANCORP
“Kelly did a fantastic job on putting it all together and closing the deal. He is not the 9-5 kind of people, and goes the extra-mile to make the process pain free. We have immensely enjoyed working with Kelly Sorensen.”
First Financial Bancorp
FFB is a California corporation formed to bring unlimited financing capabilities of the capital markets to the real estate community. First Financial Bancorp was initially formed by three former savings and loan executives who were responsible for residential, multifamily and commercial lending in the Southern California area. First Financial Bancorp uses numerous sources both institutional and non-institutional to provide its clients the best possible financing available.