Since 1977, Ocean Pacific Capital has specialized in commercial mortgages. Whether our clients are considering commercial mortgage acquisition loan or commercial mortgage refinance of an existing loan, we offer many financing options. A commercial mortgage is a loan that is secured by real estate as collateral in case the borrower defaults on the loan. Similar to a residential mortgage, collateral for a commercial mortgage is a commercial building or business real estate, rather than a residential property. Therefore, a commercial mortgage acquisition and refinance differs from a residential mortgage acquisition and refinance in the type of property utilized as collateral. Also, a commercial mortgage refinance is typically taken on by businesses rather than individuals. However, the individuals may be a part of a partnership, incorporated business, or a limited company; therefore a business' credit is assessed more heavily than in a residential refinance. While most commercial mortgages are non recourse, meaning that if the borrower defaults on the monthly mortgage payments, the lender or creditor may seize the property listed as collateral, regardless of its value. Thus, the borrower is not responsible for the difference if the mortgaged property does not complete the remaining balance of the loan. For more information on obtaining a commercial mortgage refinance, contact our commercial mortgage refinance specialist today!
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Daily Oil & Gas and Wall Street Journal News
6/4/20
China National Offshore Oil Corp. (CNOOC) has granted a 12-month extension to Empyrean Energy for the first phase of exploration drilling in Block 29/11, offshore China, due to the COVID-19 pandemic and the resultant global control policies.
Ineos E&P Norge AS closed a deal May 29 to transfer 15% interest in two Norwegian Sea licenses to Lime Petroleum AS (LPA), a 90% subsidiary of Rex International Holding Ltd., LPA said June 1.
The Angola National Agency of Oil, Gas, and Biofuels has provided more onshore data for oil exploration in the Lower Congo and Kwanza onshore basins ahead of an official announcement to begin new bidding rounds.
Applied Petroleum Technology (APT), Oslo, has identified lower Jurassic source rocks and a genetically related set of oil shows in the Southern Grand Banks petroleum system offshore Canada.
Supply Chains, Safety Protocols Hobble U.S. Factories Manufacturers emerging from weeks in hibernation during the coronavirus pandemic are accelerating production with jumbled supply chains and less efficient plants, making it harder to rebuild the U.S. industrial sector.
Health Insurers Offer Premium Discounts Anthem is joining the growing number of health insurers offering premium discounts, as the companies see savings from sharp drop-offs in surgeries and other types of care canceled because of the coronavirus pandemic.
UAW Ex-President Pleads Guilty to Embezzlement, Racketeering Charges Former United Auto Workers President Gary Jones pleaded guilty to embezzlement of union funds and racketeering, marking the highest-profile conviction yet in the government?s yearslong investigation into labor corruption within the auto industry.
Snap Says It Won't Promote Trump's Snapchat Account Social-media company Snap said it will no longer promote the Snapchat account of President Trump on its home page after finding that his public remarks could incite racial violence, a spokeswoman said.
Coronavirus Pandemic Drives Unemployment Up Across U.S. Metro Areas The coronavirus pandemic caused unemployment to rise in every metropolitan area in the U.S. in April, the first full month of widespread stay-at-home orders and business shutdowns, hitting hardest tourist destinations and factory towns.
