$7m loan secures vacant uptown site.Commerce Bank recently provided an acquisition loan in the amount of $7.1 million to the Arker Companies for the purchase of a vacant warehouse property located at 334-336 East 92nd Street. The borrower BORROWER, contracts. He to whom a thing is lent at his request. 2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the secured this initial six-month loan for 100 percent of the acquisition price, with a $2 million collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , as part of a two-step loan closing process. Situated between First and Second Avenues, on Manhattan's exclusive Upper East Side, the development will feature 23 rental housing units upon completion in 2007. Commerce Bank continues to expand the range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provided for real estate projects, and its lenders know intimately the risks and opportunities associated with the development, acquisition, construction, sales/leasing and financing of property. A significant component of the bank's lending activity, Commercial Real Estate loans constitute approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one-fifth of its total loan portfolio. |
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