The borrower needed to arrange the loan in three days to meet a 10-31 exchange deadline, according to Howard J. Levine, president and CEO of ARCS. He says the borrower came to ARCS on such short notice after an initial lender failed to meet the borrower's financial requirements for buying the apartment complex, which was built in 2001.
The loan was originated by Mitch Davis of ARCS' Calabasas Hills branch. The company provided the 10-year, 5.99% loan with a 30-year amortization through Fannie Mae.
ARCS is a leading lender for apartment building purchases, having provided mortgage financing for 439 properties totaling $3.3 billion in 2001. The company now services a portfolio in excess of $9.5 billion, representing more than 1,600 borrowers across 39 states.
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