Charles Blumenkehl, CEO of Blumenkehl Companies and managing partner of Blue Asset Management LLC, announced restructuring a moertgage for property owned in Sussex County New Jersey. The property was purchased in 2005 at which time they originated a 6.5% mortgage. Blumenkehl says they closed the new mortgage reducing the rate to 3 7/8%.
According to Blumenkehl, “Obviously we are thrilled at the ability to refinance the mortgage and substantially increase our returns on our property. As a valued Wells Fargo and Wachovia Bank customer for many years, we were able to leverage our excellent financial loan track record and payment history and take advantage of the available historic low rates of today’s mortgage marketplace despite the increase in restraints imposed by banks, including Wells, resultant of the residential mortgage meltdown in the past few years. We are continuing to maintain dialogues with our lenders throughout New Jersey and are seeking to restructure several more properties as well while giving our lenders the certainty and confidence of being paid back on their investment timely while maintaining meaningful collateral ratios to the benefit of their stockholders.”
Blumenkehl continued, “As the economic recovery continues to manifest itself in increased buying opportunities for our company, the ability to restructure our loans supports our equity investments we are currently making in New Jersey. We look forward to making the right equity investments in the New Jersey property acquisitions we are buying now that are undervalued and provide the opportunity to increase in value through our value enhancement procedures, systems and renovations while supporting our efforts through working with our banks on restructuring financing on our current property portfolio.”
For more information about Charles Blumenkehl, Blumenkehl Companies or Blue Asset Management LLC, log on to the company website at www.bluemanagementllc.com or call Charles Blumenkehl directly at 973-835-1400.