Chariff Realty Group Sold a Commercial Building with 90% Financing Through a Government Based SBA Loan in an Economy Where Financing is Near Impossible
5963 Biscayne Boulevard, a 2700 square foot high-exposure building, sold to England-born and current Miami Beach resident, Attorney Robert Dixon, this month, who obtained 90% financing through a government-based SBA loan in an economy where financing is near impossible, let alone 90 percent financing. Chariff Realty Group is encouraging other Small Business Owners to research Category #504 SBA real estate Loans as a financing option.
Miami, FL, August 24, 2010 --(PR.com)-- Just when a bad economy and tough real estate stringencies made it near impossible for real estate agents to close deals, Miami Real Estate firm, Chariff Realty Group Inc, found a way.
Lyle Chariff, owner/broker, together with his broker associate Mauricio Zapata, recently closed on a 2700 square-foot building located at 5963 Biscayne Boulevard. It is a high-exposure building with great potential for exposure in an up-and-coming highly trafficked Mid-town Miami area. The sale was made to England-born and current Miami Beach resident, Attorney Robert Dixon, this month, who successfully obtained 90% financing through a government-based Small Business Association loan in an economy where financing is non-existent in most cases.
“It is a dream come true,” said Dixon, who is using the building for his own occupancy, as stipulated by the SBA loan terms. “I always wanted my own self-standing law firm, but I knew it wouldn’t make sense if I had to put 30 percent down, a standard in today’s real estate economy,” said Dixon. “Through an SBA loan, I was able to acquire private bank assistance, together with government assistance, to make the transaction happen.” In addition, broker associate Zapata, played a critical role by collaborating with all parties involved and encouraging the deal as the Seller of the building, Leonachi Inc, was initially skeptical and unfamiliar with the SBA loan process.
This building had an original asking price of $850,000 and was ultimately sold for $585,000. It was on the market for one year.
Attorney Dixon, once practicing in a small interior office in an Aventura, Florida building, plans to open his newly-bought Personal Injury Law Practice in October 2010. “With all the window exposure to Biscayne Boulevard, I can successfully expose my legal practice, which is a critical component to my success, “said Dixon.
Chariff is encouraging other Small Business Owners to research the Category #504 SBA Loan option. “It took 60 days from contract to closing,” says Chariff.
www.chariff.com
www.sba.gov
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Lyle Chariff, owner/broker, together with his broker associate Mauricio Zapata, recently closed on a 2700 square-foot building located at 5963 Biscayne Boulevard. It is a high-exposure building with great potential for exposure in an up-and-coming highly trafficked Mid-town Miami area. The sale was made to England-born and current Miami Beach resident, Attorney Robert Dixon, this month, who successfully obtained 90% financing through a government-based Small Business Association loan in an economy where financing is non-existent in most cases.
“It is a dream come true,” said Dixon, who is using the building for his own occupancy, as stipulated by the SBA loan terms. “I always wanted my own self-standing law firm, but I knew it wouldn’t make sense if I had to put 30 percent down, a standard in today’s real estate economy,” said Dixon. “Through an SBA loan, I was able to acquire private bank assistance, together with government assistance, to make the transaction happen.” In addition, broker associate Zapata, played a critical role by collaborating with all parties involved and encouraging the deal as the Seller of the building, Leonachi Inc, was initially skeptical and unfamiliar with the SBA loan process.
This building had an original asking price of $850,000 and was ultimately sold for $585,000. It was on the market for one year.
Attorney Dixon, once practicing in a small interior office in an Aventura, Florida building, plans to open his newly-bought Personal Injury Law Practice in October 2010. “With all the window exposure to Biscayne Boulevard, I can successfully expose my legal practice, which is a critical component to my success, “said Dixon.
Chariff is encouraging other Small Business Owners to research the Category #504 SBA Loan option. “It took 60 days from contract to closing,” says Chariff.
www.chariff.com
www.sba.gov
###
Contact
Chariff Realty Group
Lyle Chariff
305-576-7474
www.chariff.com
Lyle Chariff
305-576-7474
www.chariff.com
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