The loan, which was funded within some 60 days from inception, is for a term of five years with a 25-year amortization, according to Andrew Stewart, chief operating officer of David Cronheim Mortgage Corp. It allows for a five-year rollover with a rate reset, and also has a sliding guaranty, which will be reduced yearly. The identities of the borrower and the source of the funding were not disclosed.
David Cronheim Mortgage, which dates back to the late 19th century, maintains correspondent and/or servicing relationships with 10 institutional investors, mostly insurance companies.
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