The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.91%.
The loan was originated by Michael Jehle, Midwest regional director, and was underwritten in Arbor's full-service Bloomfield Hills lending office. "The proceeds from the loan will allow this affordable cooperative to complete significant capital improvements to the property, while eliminating the stringent HUD reporting requirements and reserves. It is a win/win for all parties concerned," says Jehle.
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