Pioneer Financial Group, LLC recently placed both construction and permanent financing in excess $1.1 million on behalf of two separate clients. Managing member Sean Jasie worked with the borrowers in securing the loans.
Pioneer Financial Group worked with a local bank in securing an $840,000 refinance loan. The borrower refinanced a mixed-use property located in Boston. The closing took approximately 40 days to complete from request to funding. The note carries a 6.25% interest rate. The property has two office spaces located on the 1st floor and basement, along with a 2-story duplex apartment unit. The owner recently renovated the office space and updated the apartment unit with new kitchen and baths.
Pioneer worked with a local trust in securing $330,000 for Prudential Prime Real Estate located on Highland Ave in Somerville. The subject property is a mixed-use property that has an apartment on the second floor. The group operates its realty business out of the first floor space. The trust put together a refinance note with an interest rate of 6.25%, fixed for the first 5 years.
"Our lending sources are still actively seeking quality transactions. We can accommodate our quality borrowers by matching their needs with our various lender solutions. While some lenders have taken a 'wait and see' attitude in the current market, our sources have been aggressively lending on projects that make sense," said Jasie.