Lender: Annie Eck, Vice President - Commercial Banking
Type: 5 Year Term / 20 Year Amortization
Amount: $388,000
Collateral Type: 4-family investment property near Tower Grove Park in South St. Louis City
The Story:
This borrower was originally referred to us by a loan officer at another bank that was not interested in "small" loan deals. Annie Eck, Vice President - Commercial Banking at our branch in Old Town Florissant, MO, was happy to assist this young husband and wife team with their financing needs. The couple is investing in residential real estate in the St. Louis metro area to generate income and prepare for their future retirement.
The initial commercial real estate loan she provided the client in the fall of 2020 was a cash out refinance of a rental property in St. Peters, MO. The refinance created the liquidity the borrower needed to acquire more investment real estate in the area. At the time, faced with a vigorous sellers market, the borrowers were able to acquire an additional investment property. The property, a beautiful South City 4-family home, was a sought after piece of real estate in a low-inventory market. Our borrower was able to provide a cash offer which is what set their offer apart from the others and allowed them to win the sales contract.
After the purchase, CNB St. Louis Bank was able to refinance the property with cash out, replenishing the borrowers' cash allowing them to continue growing their inventory of investment real estate. Typically, a cash-offer for a home purchase is an advantage, but with the real estate market competition in the St. Louis metro area at the time of this acquisition, cash offers had become almost essential.
Annie uses her knowledge of the St. Louis area, real estate transactions, due diligence requirements, the real estate market, and her high level of service and 24/7 availability via text, mobile or email, to employ a consultative approach as this borrower seeks out their next investment property. Annie's advisory support and lending knowledge is allowing this couple to realize success in their side business, which is intended to provide for their family for many years to come and into their retirement.
CNB St. Louis Bank's Commercial Lending Team is ready to help you through all aspects of your business banking and financing needs - big or small; complex or simple. From financing options, deal structure, and local market knowledge to cash management and fraud prevention tools, we have the expertise to help your business thrive. We specialize in loans for family businesses, local businesses, franchisees, investment real estate, commercial real estate, manufacturing and distribution, owner operators, retail, and professional services.
All loans are subject to credit approval. Other rates, terms, and structures are available. CNB St. Louis Bank is an Equal Housing Lender.