Member Business Financial Services (MBFS), a CUSO formed in 2008 to assist credit unions with underwriting, funding, and servicing member business loans, recently arranged a $9 million credit facility for the acquisition of a $15.5 million multi-family property in Hoover, Alabama.
$2.5 million of the loan, which was funded by MBFS partner credit unions, will be held-back at closing and used for updates and renovations to The Park at Rocky Ridge property. The apartment complex is comprised of 168 units with amenities that include a clubhouse, pool, business center and playground. The property is known locally as a hidden gem and has an experienced sponsor.
MBFS has built an extensive network of credit union lenders and actively builds trusted relationships with business owners and commercial real estate investors across the country. Rob Thomas serves as MBFS’ local SVP-Relationship Manager for the southeast and closed this transaction.