The borrower is the sole principal in the Hubbard Group. The property and business, Aquia Christian Academy, was purchased in 2004 and serves as a licensed daycare and school facility for young children. The building is 9500 SQFT and sits on a large 2.58-acre lot. The site is <1/4 mile off of US-1, a major highway, and is located less than 2 miles from I-95.
The refinance of the building will consolidate debts, and result in a monthly savings of approximately $2000 per month for the Borrower. It will preserve her equity in the property, and allow her to do a conventional refinance in 9-12 months.