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Firm Capital American Realty Partners Corp. Announces the Closing of US$33.1 Million of Multi-Family Residential ...


TORONTO, March 01, 2018 (GLOBE NEWSWIRE) -- Firm Capital American Realty Partners Corp. (the “ Company ”) (TSXV:FCA.U) (TSXV:FCA) is pleased to announce the closing of the previously disclosed multi-family residential property acquisitions in New Jersey and Texas, as follows:

Acquisition in Irvington, New Jersey

The Company acquired a multi-family residential portfolio in Irvington, New Jersey (the “ Portfolio ”), comprised of 7 separate properties and 189 units in total (184 apartment units and 5 ground floor retail units). The Portfolio was acquired by the Company (the “ Acquisition ”) for a purchase price (excluding transaction costs) of approximately US$17.8 million, representing a going-in capitalization rate of approximately 5.8%, or approximately US$94,180 per unit. The Acquisition was financed with 7 separate 20-year non-recourse first mortgage loans from a U.S. government-sponsored enterprise for approximately US$14.2 million in total, or approximately 80% loan-to-cost, at a weighted average interest rate of approximately 3.8% fixed for the first 5 years, with interest-only for the first 12 months, and a 30-year amortization period.

Terra Firma Capital Corporation Announces the Closing of a First Mortgage Loan in Palm Springs, California

The Loan was fully funded on February 9, 2018 with available cash balances.  The full impact of the deployment of this capital is expected to be positively reflected in the earnings of the Company beginning in the first quarter of 2018. “We are excited to report our first loan closing of 2018 and are confident in our robust pipeline including signed LOIs for two loans totaling $11 million (CDN$13.8 million) expected to close this quarter,” said Glenn Watchorn, President and Chief Executive Officer. 

About Terra Firma

Terra Firma is a full service, publicly traded real estate finance company that provides real estate financings secured by investment properties and real estate developments throughout Canada and the United States. The Company focuses on arranging and providing financing with flexible terms to real estate developers and owners who require shorter-term loans to bridge a transitional period of one to five years where they require capital at various stages of development or redevelopment of a property. These loans are typically repaid with lower cost, longer-term debt obtained from other Canadian financial institutions once the applicable transitional period is over or the redevelopment is complete, or from proceeds generated from the sale of the real estate assets. Terra Firma offers a full spectrum of real estate financing under the guidance of strict corporate governance, clarity and transparency. For further information please visit Terra Firma’s website at .

How important is it to go with a mortgage broker that is accredited by the BBB when applying for an FHA loan?

I applied online with a company called First Mortgage Corporation out of Frisco, TX. I was approved and they are requesting actual bank statements for my checking and savings account. Is this normal?

Yes it is normal.. its required,, all pages (if your pages say 1 of 4, you need all 4). They are also checking for large unexplainable deposits etc.

Why are you using a BROKER? Why aren't you going through your bank for a mortgage?