Reko International Group Inc. reported that its previously announced commercial mortgage financing closed and is now fully funded. The mortgage, held by Motor City Community Credit Union, is in the amount of $5.6 million bearing interest at 6% per annum with a 5 year term and a 10 year amortization. Proceeds of the mortgage were used to pay out the existing mortgage with GE Capital Real Estate, pay all transaction costs associated with the mortgage and the remainder was used to reduce the Company's line-of-credit.
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06-25 | Reko Family Corp. Sells Entire Stake in Reko International Group to Subsidiary | MT |
06-06 | Reko International Swings to Q3 Loss as Sales Dip | MT |
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