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Cornerstone Commercial Mortgage Arranges $1,650,000 Land Loan on five residential one acre lots, Las Vegas, NV

Las Vegas, NV, February 29, 2008.  Cornerstone Commercial Mortgage arranged a $1,650,000 land development loan on five, one acre fully improved residential lots in Las Vegas.  The purpose of the loan was to payoff an existing land development loan that had matured.  The borrower wanted an additional two years to allow the market to improve where the lots could be more readily sold. In this difficult market for obtaining land loans, Cornerstone was able to get the borrower what they wanted, a two-year 7.50% fixed rate, interest only, conventional loan at a bank.  The bank used a six month old appraisal at a 65% LTV which was aggressive considering the current market conditions. 

Cornerstone Commercial Mortgage acts as mortgage consultants specializing in arranging commercial real estate financing for clients nationwide.  Cornerstone Commercial Mortgage manages every detail of the loan process from start to finish and assists clients in all aspect of financing from consulting on the feasibility of a real estate development project to obtaining the right construction or permanent loan. 

Cornerstone Commercial Mortgage’s Mission is to provide our clients the best loan at the most competitive terms in the shortest time possible while keeping their best interest in mind.  For more information see our web site at www.cmlv.net.