Ando and Nasello of East Coast Commercial finance $5.2 million

Chris Ando and Carl Nasello of East Coast Commercial have recently arranged $5.2 million in financing for the following deals: * Ando arranged $1.2 million cash out refinancing for the 50-unit North Towne Apartments. The loan structure at 80% LTV 30-year amortization at an interest rate in the low 6%. * Ando also arranged $2.5 million in financing for several smaller properties throughout upstate. One of the properties consisted of an owner-occupied office warehouse property in Syracuse in which he arranged 90% of the purchase price financing with a 30-year fixed rate mortgage at 9.25%. A nice feature of this mortgage was that every five years if the borrower is a good payer the rate decreases by 0.5%. * In Buffalo, Ando arranged financing for a former 7-11 convenience store property in which the purchaser was moving his business into and the loan was financed at 80% LTV at a two-years fixed rate of 8.11% and amortized over 30 years. The loan had some environmental issues which were worked out through one of East Coast's correspondent lenders. The shorter fixed-rate term will allow the borrower to refinance after two year to recoup his initial investment from the purchased since the property was purchase below market value. * Other properties financed by Ando, consisted of an eight-unit apartment complex in the Park Ave. area of Rochester, a retail establishment on East Main St. in Rochester, and a mixed-use property on North Union in Rochester. All of the loans represented an 80% LTV and provided a 30 yr /amortization and were placed with East Coast correspondent lender which approved the request with no income verification and closed in 35 days. * Nasello arranged $420,000 in financing for a restaurant/banquet facility in the Rochester area. The loan was at 70% LTV with an interest rate of 8.11% for five-years with an amortization of 30-years. The loan was completed on East Coast stated income stated asset program. * Nasello also arranged financing for a 12-unit apartment complex in Rochester's Park Ave. area. The loan represented 80% of the $475,000 purchase price with a rate of 7.10% and carried a 10-year term with a 30-year amortization.